Pt 3-1 inserted by No 46 of 1998.
Div 115 inserted by No 169 of 1999.
S 115-20(1) substituted by No 119 of 2002 and amended by No 169 of 2001.
In 1995 Elizabeth acquired land from her ex-husband under an order made by a court under the
Family Law Act 1975
. Former section
Income Tax Assessment Act 1936
treated her as having paid $56,000 for the land, equal to her ex-husband
cost base for it. His cost base for the land then was $40,000.
In 2000, she sold the land for capital proceeds of $150,000.
Her discount capital gain on the land is $110,000 (equal to the capital proceeds less the cost base for the land without indexation).
S 115-20(2) (example) amended by
No 101 of 2006
, s 3 and Sch 2 item 697, by amending the reference to a repealed inoperative provision, effective 14 September 2006. For application and savings provisions see the
CCH Australian Income Tax Legislation archive
S 115-20(3) inserted by No 136 of 2002.
S 115-20 substituted by No 173 of 2000 and inserted by No 169 of 1999.