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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 104-107H  Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset - amount included in assessable income  

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104-107H(1)  

Subsection (2) applies if:


(a) paragraph 104-107G(3)(a) applies in respect of the *CGT asset's *AMIT cost base net amount for the income year; and


(b) that AMIT cost base net amount exceeds the cost of the *CGT asset just before the time mentioned in subsection 104-107G(5).

104-107H(2)  

Include in your assessable income for the income year in which that time occurs:


(a) if the cost of the *CGT asset was nil just before that time - the cost reduction amount; or


(b) otherwise - the excess mentioned in paragraph (1)(b).

104-107H(3)  

Subsection (2) applies despite subsection 104-107F(3).

104-107H(4)  

For the purposes of section 118-20, treat this section as being outside of this Part.

Note:

Section 118-20 deals with reducing capital gains if an amount is otherwise assessable.


 



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