Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 102.23

    A * CGT event still happens even if:

  (a)   it does not result in a * capital gain or * capital loss; or

  (b)   a capital gain or capital loss from the event is disregarded.

Example:   Lindy sells a car. Section   118 - 5 says that any capital gain or loss from a CGT event happening to a car is disregarded. However, the sale is still an example of CGT event A1.