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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 118 - Exemptions  

Subdivision 118-A - General exemptions  

Exempt or loss-denying transactions

SECTION 118-77  Native title and rights to native title benefits  

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118-77(1)  

A *capital gain or *capital loss you make is disregarded if:


(a) you are an *Indigenous person or an *Indigenous holding entity; and


(b) you make the gain or loss because one of the following things happens in relation to a *CGT asset mentioned in subsection (2):


(i) you transfer the CGT asset to one or more entities that are either Indigenous persons or Indigenous holding entities;

(ii) you create a trust, that is an Indigenous holding entity, over the CGT asset;

(iii) your ownership of the CGT asset ends, resulting in *CGT event C2 happening in relation to the CGT asset.

118-77(2)  

The *CGT assets are as follows:


(a) *native title;


(b) the right to be provided with a *native title benefit.

Note:

Paragraph (a) does not require a determination of native title under the Native Title Act 1993.


 



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