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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 104-72  Reducing your capital gain under CGT event E4 if you are a trustee  

 View history reference [No equivalent]

104-72(1)  

A *capital gain you make under subsection 104-70(4) is reduced if:


(a) you are the trustee of another trust that is a *fixed trust and is not a *complying superannuation entity; and


(b) you are taken to have a *capital gain under paragraph 115-215(3)(b) or (c) (your notional gain) in respect of a corresponding trust gain (the trust gain); and


(c) some or all (the attributable amount) of the total of the non-assessable parts referred to in subsection 104-70(4) is attributable to proceeds from the trust gain.

104-72(2)  

The *capital gain is reduced (but not below 0) by the lesser of:


(a) your notional gain; and


(b) the attributable amount.


 



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