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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 115 - Discount capital gains and trusts' net capital gains

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History Div 115 inserted by No 169 of 1999.

Subdivision 115-A - Discount capital gains

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What are not discount capital gains?

SECTION 115-40   115-40  Capital gain resulting from agreement made within a year of acquisition

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Your *capital gain on a *CGT asset from a *CGT event is not a discount capital gain (despite section 115-5) if the CGT event occurred under an agreement you made within 12 months of *acquiring the CGT asset.

Note:

Section 115-30 or 115-34 may affect the time when you are treated as having acquired the CGT asset.

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History S 115-40 amended by No 56 of 2010, s 3 and Sch 6 item 143, by inserting "or 115-34" after "Section 115-30" in the note, applicable to assessments for the income years including 21 September 1999 and for later income years, in relation to CGT events happening after 11.45 am (by legal time in the Australian Capital Territory) on that day. S 115-40 inserted by No 169 of 1999.