Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 104.20

Loss or destruction of a CGT asset: CGT event C1

  (1)   CGT event C1 happens if a * CGT asset you own is lost or destroyed.

Note:   This event can apply to part of a CGT asset: see section   108 - 5 (definition of CGT asset ).

  (2)   The time of the event is:

  (a)   when you first receive compensation for the loss or destruction; or

  (b)   if you receive no compensation--when the loss is discovered or the destruction occurred.

  (3)   You make a capital gain if the * capital proceeds from the loss or destruction are more than the asset's * cost base. You make a capital loss if those capital proceeds are less than the asset's * reduced cost base.

Exception

  (4)   A * capital gain or * capital loss you make is disregarded if you * acquired the asset before 20   September 1985.


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