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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 108 - CGT assets  

Subdivision 108-D - Separate CGT assets  

Guide to Subdivision 108-D

SECTION 108-50  What this Subdivision is about  

 ITAA 36

For CGT purposes, there are:

· exceptions to the common law principle that what is attached to the land is part of the land; and
· special rules about buildings and adjacent land; and
· rules about when a capital improvement to a CGT asset is treated as a separate CGT asset.

Note:

In addition to the circumstances set out in this Subdivision, separate asset treatment can apply under section 124-595 (about a roll-over for a Crown lease) and section 124-725 (about a roll-over for a prospecting or mining entitlement).


TABLE OF SECTIONS

Operative provisions
108-55When is a building a separate asset from land?
108-60Depreciating asset that is part of a building is a separate asset
108-65Land adjacent to land acquired before 20 September 1985
108-70When is a capital improvement a separate asset?
108-75Capital improvements to CGT assets for which a roll-over may be available
108-80Deciding if capital improvements are related to each other
108-85Meaning of improvement threshold


 



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