Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 104.107D

  (1)   The * CGT asset's AMIT cost base reduction amount for the income year is the total of:

  (a)   money, and the * market value of any property, if:

  (i)   you start to have a right to receive the money or property from the trustee of the * AMIT in the income year; and

  (ii)   that right is indefeasible (disregarding section   276 - 55) or is reasonably likely not to be defeated; and

  (b)   all amounts of * tax offset that you have for the income year in respect of the AMIT because of the operation of section   276 - 80;

to the extent that the total is reasonably attributable to the CGT asset.

  (2)   If:

  (a)   * CGT event A1, C2, E1, E2, E6 or E7 happens to the * CGT asset before the end of the income year; and

  (b)   as a result, the time of the reduction or increase mentioned in subsection   104 - 107B(4) is just before the time of that CGT event;

do not include in the CGT asset's AMIT cost base reduction amount for the income year any * capital proceeds from that CGT event.