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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 112 - Modifications to cost base and reduced cost base  

Subdivision 112-B - Finding tables for special rules  

SECTION 112-97  

112-97  Modifications outside this Part and Part 3-3  

 View history reference [No equivalent]
This table sets out other cost base modifications outside this Part and Part 3-3.

Provisions of the Income Tax Assessment Act 1936 are in bold.
Modifications outside this Part and Part 3-3
ItemIn this situation:Element affected:See:
1AYou receive, under a *farm-in farm-out arrangement, an *exploration benefit or an entitlement to an exploration benefitFirst element of cost base and reduced cost baseSection 40-1120
.......... 
1You stop holding an item as trading stockFirst element of cost base and reduced cost baseParagraph 70-110(1)(b)
...........
2CGT event happens to Cocos (Keeling) Islands assetFirst element of cost base and reduced cost basesubsection 102-25(1) of the Income Tax (Transitional Provisions) Act 1997
...........
2AA(Repealed by No 20 of 2016)  
...........
2ALender acquires a replacement securityFirst element of cost base and reduced cost basesubsection 26BC(6B)
...........
3CGT event happens by the borrower disposing of the borrowed security to a third partyFirst element of cost base and reduced cost baseparagraph 26BC(9)(a)
...........
4CGT event happens to replacement security and compensatory payment was incurred by the borrowerSecond element of cost base and reduced cost basesubsection 26BC(9A)
...........
5CGT event happens to CGT asset in connection with the demutualisation of an insurance company except a friendly society health or life insurerFirst element of cost base and reduced cost basesection 121AS
...........
5ACGT event happens to CGT asset in connection with the demutualisation of a mutual entity other than an insurance company, health insurer and friendly society health or life insurerFirst element of cost base and reduced cost baseDivision 326 in Schedule 2H
...........
6CGT event happens to assets of NSW State BankFirst element of cost base and reduced cost basesection 121EN
...........
7Trust ceases to be a resident trust for CGT purposes and there is an attributable taxpayerThe total cost base and reduced cost basesection 102AAZBA
...........
8You own shares in a company that stops being a PDFFirst element of cost base and reduced cost basesection 124ZR
...........
9(Repealed by No 23 of 2018)  
...........
10CGT event happens to CGT asset used in gold miningFirst element of cost base and reduced cost basesection 112-100 of the Income Tax (Transitional Provisions) Act 1997
...........
11(Repealed by No 101 of 2006)  
...........
12Shares in a holding company are cancelledThe total cost base and reduced cost basesection 159GZZZH
...........
12A(Repealed by No 4 of 2018)  
...........
12BEntity has interest in loss company immediately before alteration timeThe total reduced cost basesections 165-115ZA and 165-115ZB
...........
13CGT event happens to 30 June 1988 asset of a complying superannuation entityFirst element of cost base and reduced cost basesection 295-85 of the Income Tax (Transitional Provisions) Act 1997
...........
14CGT event happens to CGT asset of complying superannuation fund, complying approved deposit fund or pooled superannuation trustFirst element of cost base and reduced cost basesection 295-100 of the Income Tax (Transitional Provisions) Act 1997
...........
15A CGT asset of a CFC is taken into account in calculating its attributable incomeFirst element of cost base and reduced cost basesection 412
...........
16A CGT asset of a CFC is taken into account in calculating its attributable incomeFirst element of cost base and reduced cost basesubsection 413(2)
...........
17A CGT asset of a CFC is taken into account in calculating its attributable incomeFirst element of cost base and reduced cost basesubsection 413(3)
...........
18A CGT asset of a CFC is taken into account in calculating its attributable incomeFirst element of cost base and reduced cost basesection 414
...........
18AYou cease to hold a registered emissions unit as the result of an outgoing international transfer of a Kyoto unitFirst element of cost base and reduced cost baseSection 420-35
...........
19A commercial debt is forgivenThe total cost base and reduced cost base of certain CGT assets of the debtorsections 245-175 to 245-190
...........
20A tax exempt entity becomes taxableFirst element of cost base and reduced cost basesection 57-25 in Schedule 2D
...........
20AAn entity becomes or ceases to be a foreign hybridThe total cost base and reduced cost baseSections 830-80 and 830-85
...........
21A CGT asset is transferred to or from a life insurance company's complying superannuation asset poolFirst element of cost base and reduced cost basesubsection 320-200(2)
...........
22A CGT asset is transferred to or from the segregated exempt assets of a life insurance companyFirst element of cost base and reduced cost basesubsection 320-255(2)
...........
22AA CGT event happens in relation to forestry interest in a forestry managed investment scheme for a subsequent participantThe total cost base and reduced cost baseSubsection 394-30(9)
...........
22BYou start or cease to have a *Division 230 financial arrangement as consideration for the acquisition of a thingAll elements of cost base and reduced cost basesection 230-505
...........
23The arrangement period for the tax preferred use of an asset endsThe total cost base and reduced cost basesubsection 250-285(3)
.......... 
24An entity becomes a subsidiary member of a consolidated groupThe total cost base and reduced cost base for the head company of the subsidiary's assetsSection 701-10
.......... 
24AAn entity ceases to be a subsidiary member of a consolidated groupThe total cost base and reduced cost base for the head company of membership interests in the subsidiarySection 701-15
.......... 
24BAn entity ceases to be a subsidiary member of a consolidated groupThe total cost base and reduced cost base for the head company of liabilities owed by the subsidiarySection 701-20
.......... 
24CAn entity ceases to be a subsidiary member of a consolidated group and an asset becomes an asset of the entity because the single entity rule ceases to applyThe total cost base and reduced cost base for the entity of a liability owed to the entitySection 701-45
.......... 
24D2 or more entities cease to be subsidiary members of a consolidated groupThe total cost base and reduced cost base of the membership interests that one subsidiary member holds in anotherSection 701-50
.......... 
24EDetermining an asset's tax cost setting amountThe total cost base and reduced cost base of the assetSection 701-55
.......... 
24FEligible tier-1 company ceases to be a subsidiary member of a MEC group or a CGT event happens to a pooled interest in the companyThe total cost base and reduced cost baseSection 719-565
...........
24(Repealed by No 41 of 2005)  
...........
25You make a forex realisation gain as a result of forex realisation event 4, and:total cost base and reduced cost basesection 775-70
 (a)you incurred the obligation to pay foreign currency:  
  (i)in return for the acquisition of a CGT asset; or  
  (ii)as the second, third, fourth or fifth element of the cost base of a CGT asset; and  
 (b)the foreign currency became due for payment within 12 months after the time when:  
  (i)in the case of the acquisition of a CGT asset - you acquired the CGT asset; or  
  (ii)in the case of the second, third, fourth or fifth element of the cost base of a CGT asset - you incurred the relevant expenditure  
...........
26You make a forex realisation loss as a result of forex realisation event 4, and:total cost base and reduced cost basesection 775-75
 (a)you incurred the obligation to pay foreign currency:  
  (i)in return for the acquisition of a CGT asset; or  
  (ii)as the second, third, fourth or fifth element of the cost base of a CGT asset; and  
 (b)the foreign currency became due for payment within 12 months after the time when:  
  (i)in the case of the acquisition of a CGT asset - you acquired the CGT asset; or  
  (ii)in the case of the second, third, fourth or fifth element of the cost base of a CGT asset - you incurred the relevant expenditure  
...........
27You acquire foreign currency as a result of forex realisation event 2first element of cost base and reduced cost basesection 775-125
.......... 
28On 10 May 2005, a foreign resident holds certain membership interestsfirst element of *cost base and *reduced cost basesubsection 855-25(3)
.......... 
29You are issued with an asset under a demutualisation of a health insurer except a friendly society health or life insurerFirst element of cost base and reduced cost basesections 315-80, 315-210 and 315-260
.......... 
30You are transferred an asset by a lost policy holders trust under a demutualisation of a health insurer except a friendly society health or life insurerFirst element of cost base and reduced cost basesections 315-145, 315-210 and 315-260
.......... 
30AA CGT event occurs under a demutualisation of a friendly society health or life insurer and the capital proceeds from the event include moneyAll elements of cost basesection 316-60
.......... 
30BYou are issued with an asset under a demutualisation of a friendly society health or life insurerFirst element of cost base and reduced cost basesection 316-105
.......... 
30CA CGT event happens to an interest in a lost policy holders trust and the capital proceeds from the event include moneyAll elements of cost basesection 316-165
.......... 
30DYou are transferred a share, or right to acquire shares, by a lost policy holders trust under a demutualisation of a friendly society health or life insurerThe total cost base and reduced cost basesection 316-170
.......... 
31An entitlement arises under Division 2AA of Part II of the Banking Act 1959 in connection with an account holder's account with an ADIThe total cost base, and reduced cost base, of the entitlement and of the remainder (if any) of the right to be paid by the ADI in connection with the accountSection 253-15
.......... 
32You acquire an *ESS interest and Subdivision 83A-B or 83A-C (about employee share schemes) applies to the interestFirst element of cost base and reduced cost basesections 83A-30 and 83A-125
.......... 
33An entity chooses a roll-over under Subdivision 310-D and the entity chooses section 310-55 to apply to assetsFirst element of cost base and reduced cost basesection 310-55
.......... 
34An entity chooses a roll-over under Subdivision 310-D, but the entity does not choose section 310-55 to apply to assetsFirst element of cost base and reduced cost basesection 310-60
.......... 
35A CGT asset is held by a company that has ownership not significantly different from that of a former body that held the asset and was incorporated under another lawFirst element of cost base and reduced cost baseSection 620-25
.......... 
36An entity chooses an asset roll-over, or chooses to transfer a loss and chooses an asset roll-over, under Subdivision 311-BFirst element of cost base and reduced cost baseSection 311-45
.......... 
37The issuing of a share gives rise to an entitlement to a tax offset under Subdivision 360-AFirst element of cost base and reduced cost baseSections 360-50, 360-55, 360-60 and 360-65

[CCH Note 1: S 112-97 will be amended by No 19 of 2010 (as amended by No 158 of 2012), s 3 and Sch 2 item 13, by repealing table items 33 and 34, effective 1 July 2019. For savings provisions relating to the repeal see note under Div 310 heading.]

[CCH Note 2: S 112-97 will be amended by No 89 of 2013, s 3 and Sch 1 item 15, by repealing table item 36, effective 2 July 2019.]


 



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