INCOME TAX ASSESSMENT ACT 1997
SPECIALIST LIABILITY RULES
CAPITAL GAINS AND LOSSES: GENERAL TOPICS
Pt 3-1 inserted by No 46 of 1998.
Div 104 inserted by No 46 of 1998.
SECTION 104-107F Receipt of money etc. increasing AMIT cost base reduction amount not to be treated as income
| View history reference
Subsections (2) and (3) apply if:
(a) you start to have a right to receive any money or any property from the trustee of an *AMIT in an income year; and
(b) the right is indefeasible (disregarding section
) or is reasonably likely not to be defeated; and
(c) the right is
remuneration or consideration for you providing finance, services, goods or property to the trustee of the AMIT or to another person; and
(d) the right is reasonably attributable to a *CGT asset that is a *membership interest in the AMIT; and
(e) the CGT asset is
*trading stock nor a *Division
financial arrangement; and
(f) as a result of you starting to have the right, the CGT asset
s *AMIT cost base reduction amount for the income year is increased because of the operation of section
These provisions do not apply to you starting to have the right:
(about *ordinary income),
(about amounts you can deduct),
(about profit-making undertakings or plans);
Income Tax Assessment Act 1936
(about profit-making undertakings or schemes).
Section 6-10 (about *statutory income) does not apply to you starting to have the right except so far as that section applies in relation to section
(about net capital gains).
S 104-107F inserted by No 53 of 2016, s 3 and Sch 2 item 3, effective 5 May 2016. For application provision, see note under Div