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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 114 - Indexation of cost base  

SECTION 114-5  When indexation relevant  

 [No equivalent]

114-5(1)  

Indexation is only relevant if the *cost base of a *CGT asset is relevant to a *CGT event.

Note 1:

The table in section 110-10 sets out the CGT events for which cost base is not relevant.

Note 2:

Indexation is not relevant to the reduced cost base of a CGT asset.

Indexation for some entities only if indexation chosen

114-5(2)  

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Indexation is not relevant to the *capital gain of an entity mentioned in an item of the table from a *CGT event happening after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999, unless the relevant entity mentioned in that item has chosen that the *cost base include indexation:
Entities for which indexation is not relevant unless chosen
ItemIndexation is not relevant to the capital gain of this entity:Unless this entity has chosen that the cost base include indexation:
1An individualThe individual
.......... .
2A *complying superannuation entityThe trustee of the complying superannuation entity
.......... .
3A trustThe trustee of the trust
.......... .
4A listed investment companyThe company

114-5(3)  

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Indexation is not relevant to the *capital gain of a *life insurance company from a *CGT event happening after 30 June 2000 in respect of a *CGT asset that is a *complying superannuation asset unless the company has chosen that the *cost base include indexation.

Note:

Section 114-5 of the Income Tax (Transitional Provisions) Act 1997 provides that indexation is not relevant to the capital gain of a life insurance company or registered organisation from a CGT event after 11.45 am on 21 September 1999 and before 1 July 2000 unless the company or organisation chooses it.


 



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