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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

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

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History Pt 3-1 inserted by No 46 of 1998.

Division 110 - Cost base and reduced cost base

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History Div 110 inserted by No 46 of 1998.

SECTION 110-10   110-10  Rules about cost base not relevant for some CGT events

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This table sets out each CGT event for which you do not need to know what the cost base or reduced cost base of a CGT asset is to work out if you make a capital gain or loss. The section describing the event tells you what amount is relevant instead.

Rules about cost base not relevant for some CGT events
Event Number	Description of event:	See section:
C3	End of option to acquire shares etc.	104-30
.......... .
D1	Creating contractual or other rights	104-35
.......... .
D2	Granting an option	104-40
.......... .
D3	Granting a right to income from mining	104-45
.......... .
E9	Creating a trust over future property	104-105
.......... .
F1	Granting a lease	104-110
.......... .
F3	Lessor pays lessee to get lease changed	104-120
.......... .
F5	Lessor receives payment for changing lease	104-130
.......... .
H1	Forfeiture of deposit	104-150
.......... .
H2	Receipt for event relating to a CGT asset	104-155
.......... .
J5	Failure to acquire replacement asset and to incur fourth element expenditure after a roll-over	104-197
.......... .
J6	Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain	104-198
.......... .
K2	Bankrupt pays amount in relation to debt	104-210
.......... .
K7	Balancing adjustment event happens to depreciating asset	104-235
.......... .
K9	Carried interests	104-255
.......... .
K10	You make a forex realisation gain covered by item 1 of the table in subsection 775-70(1)	104-260
.......... .
K11	You make a forex realisation loss covered by item 1 of the table in subsection 775-75(1)	104-265
.......... .
K12	Foreign hybrid loss exposure adjustment	104-270
.......... .
L1	Reduction under section 705-57 in tax cost setting amount of assets of entity becoming subsidiary member of consolidated group or MEC group	104-500
.......... .
L2	Amount remaining after step 3A etc. of joining allocable cost amount is negative	104-505
.......... .
L3	Tax cost setting amounts for retained cost base assets exceed joining allocable cost amount	104-510
.......... .
L4	No reset cost base assets against which to apply excess of net allocable cost amount on joining	104-515
.......... .
L5	Amount remaining after step 4 of leaving allocable cost amount is negative	104-520
.......... .
L6	Errors in tax cost setting amounts for entity joining consolidated group or MEC group	104-525
.......... .
L7	(Repealed by No 56 of 2010)
..........
L8	Reduction in tax cost setting amount for reset cost base assets on joining cannot be allocated	104-535

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History S 110-10 (table) amended by No 56 of 2010, s 3 and Sch 5 item 129, by repealing the table item relating to CGT event L7. No 56 of 2010, s 3 and Sch 5 item 131 contains the following application provision: Application provision   (1) The amendments made by this Part apply on and after 1 July 2002. (2) However, the amendment does not apply in relation to a CGT event that: (a) is CGT event L7; and (b) happens before the day on which the Bill that became this Act was introduced into the House of Representatives; and (c) gives rise to a capital loss. The table item relating to CGT event L7 formerly read: L7 ... Discharged amount of liability differs from amount for allocable cost amount purposes ... 104-530. S 110-10 table amended by No 55 of 2007, s 3 and Sch 1 item 14, by inserting items J5 and J6, applicable to CGT events happening in the 2006-07 income year or later income years. S 110-10 table amended by No 101 of 2004, No 133 of 2003, No 107 of 2003, No 16 of 2003, No 136 of 2002, No 117 of 2002 and No 77 of 2001 and inserted by No 46 of 1998.