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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 and No 23 of 2018), 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 2022. For savings provisions relating to the repeal see note under Div 310 heading.]


 



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