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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 103 - General rules  

Operative provisions  

SECTION 103-30  

103-30  Reduction of cost base etc. by net input tax credits  

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Reduce the *cost base and *reduced cost base of a *CGT asset, and any other amount that could be involved in the calculation of an entity's *capital gain or *capital loss, by the amount of any *net input tax credit of the entity in relation to that amount.

Example:

The other amount could be expenditure in the case of some CGT events (see, for example, CGT event D1).

Note:

Subsection 116-20(5) deals with the effect of net GST on supplies for the purposes of capital proceeds.


 



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