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 104-107G Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset
adjustment of cost of asset
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This section applies if:
(a) you are a *member of an *AMIT in respect of an income year because you have a *CGT asset that is your unit or your interest in the AMIT; and
(b) the CGT asset is a *revenue asset; and
(c) the CGT asset is not a *Division
Make the adjustments in subsection (3) for the purposes of working out an amount included in your assessable income (or working out an amount treated as a deduction) under any of these provisions:
(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).
If the *CGT asset
s *AMIT cost base net amount for the income year is the excess mentioned in paragraph
(a) in a case where that AMIT cost base net amount exceeds the cost of the asset
reduce the cost of the asset to nil; or
reduce the cost of the asset by that AMIT cost base net amount.
If the AMIT cost base net amount exceeds the cost of the asset, see section
If the *CGT asset
s *AMIT cost base net amount for the income year is the shortfall mentioned in paragraph
, increase the cost of the asset by that AMIT cost base net amount.
The time of the reduction or increase is:
(a) unless paragraph (b) applies
just before the end of the income year; or
(b) if a *CGT event happens to the *CGT asset at a time when you hold it before the end of the income year
just before the time of that CGT event.
For the purposes of this section and section
, in working out the *CGT asset
s *AMIT cost base net amount for the income year, disregard any right that you start to have in the income year if:
(a) the right is for you to receive any money or any property from the trustee of the *AMIT; and
(b) the right is remuneration or consideration for you providing finance, services, goods or property to the trustee of the AMIT or to another person.
For the purposes of section
, treat this section as being outside of this Part.
deals with reducing capital gains if an amount is otherwise assessable.
S 104-107G inserted by No 53 of 2016, s 3 and Sch 2 item 3, effective 5 May 2016. For application provision, see note under Div