CGT event K8 happens if there is a *taxing event generating a gain for a *down interest under section 725-245.
That section sets out some of the CGT consequences of a direct value shift for affected owners of down interests. See also the rest of Division 725.
The time of the event is the *decrease time for the *down interest.
You make a capital gain equal to the gain generated for the taxing event.
You cannot make a capital loss.
If, because of the same *direct value shift, there are 2 or more *taxing events generating a gain that are covered by subsection (1), CGT event K8 happens for each of those taxing events, and you make a separate capital gain for each.
A *capital gain is disregarded if the *down interest is a *pre-CGT asset.