A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 116 - Capital proceeds  

Modifications to general rules  

SECTION 116-25  

116-25  Table of modifications to the general rules  

 View history reference ITAA 36
There are 6 modifications to the general rules that may be relevant to a *CGT event. This table tells you:

· each *CGT event for which the general rules about *capital proceeds are relevant; and
· the modifications that can apply to that event; and
· any special rules that apply to that event.
Capital proceeds modifications
Event numberDescription of event:Only these modifications can apply:Special rules:
A1Disposal of a CGT asset1, 2, 3, 4, 5, 6If the *disposal is because another entity exercises an option: see section 116-65
If the disposal is of *shares or an interest in a trust: see section 116-80
If the disposal is a gift for which a section 30-212 valuation is obtained: see section 116-100
If a roll-over under Subdivision 310-D applies: see section 116-110
If the disposal is a disposal of part of an interest in a *mining, quarrying or prospecting right under a *farm-in farm-out arrangement: see section 116-115
If the disposal involves a *look-through earnout right: see section 116-120
...........
B1Use and enjoyment before title passes1, 2, 3, 4, 5, 6None
...........
C1Loss or destruction of a CGT asset2, 3, 4, 6None
...........
C2Cancellation, surrender and similar endings1, 2, 3, 4, 6See sections 116-75, 116-80, 116-110 and 116-115
...........
C3End of option to acquire shares etc.2, 3, 4, 6None
...........
D1Creating contractual or other rights1, 2, 3, 4, 6None
...........
D2Granting an option1, 2, 3, 4, 6See section 116-70
...........
D3Granting a right to income from mining1, 2, 3, 4, 6None
...........
D4Entering into a conservation covenant2, 3, 4, 5, 6116-105
...........
E1Creating a trust over a CGT asset1, 2, 3, 4, 5, 6None
...........
E2Transferring a CGT asset to a trust1, 2, 3, 4, 5, 6If a roll-over under Subdivision 310-D applies: see section 116-110
...........
E8Disposal by beneficiary of capital interest1, 2, 3, 4, 5, 6See section 116-80
...........
F1Granting a lease2, 3, 4, 6None
...........
F2Granting a long-term lease2, 3, 4, 6None
...........
F4Lessee receives payment for changing lease2, 3, 4, 6None
...........
F5Lessor receives payment for changing lease2, 3, 4, 6None
...........
H2Receipt for event relating to a CGT asset2, 3, 4, 6None
...........
K1(Repealed by No 77 of 2001)  
...........
K6Pre-CGT shares or trust interest1, 2, 3, 4, 5, 6None
...........
K7(Repealed by No 119 of 2002)  
...........
K9Entitlement to receive payment of a *carried interest2, 3, 4, 6None

[CCH Note: S 116-25 will be amended by No 19 of 2010 (as amended by No 158 of 2012), s 3 and Sch 2 items 15 to 17, by omitting "If a roll-over under Subdivision 310-D applies: see section 116-110" after "valuation is obtained: see section 116-100" in table item A1, substituting "and 116-80" for ", 116-80 and 116-110" in table item C2 and substituting "None" for "If a roll-over under Subdivision 310-D applies: see section 116-110" in table item E2, effective 1 July 2019. For savings provisions relating to the repeal see note under Div 310 heading.]


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page