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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 104 - CGT events  

Subdivision 104-E - Trusts  

SECTION 104-107D  AMIT cost base reduction amount  

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104-107D(1)  

The *CGT asset's AMIT cost base reduction amount for the income year is the total of:


(a) money, and the *market value of any property, if:


(i) you start to have a right to receive the money or property from the trustee of the *AMIT in the income year; and

(ii) that right is indefeasible (disregarding section 276-55) or is reasonably likely not to be defeated; and


(b) all amounts of *tax offset that you have for the income year in respect of the AMIT because of the operation of section 276-80;

to the extent that the total is reasonably attributable to the CGT asset.

104-107D(2)  

If:


(a) *CGT event A1, C2, E1, E2, E6 or E7 happens to the *CGT asset before the end of the income year; and


(b) as a result, the time of the reduction or increase mentioned in subsection 104-107B(4) is just before the time of that CGT event;

do not include in the CGT asset's AMIT cost base reduction amount for the income year any *capital proceeds from that CGT event.


 



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