Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 104.250

  (1)   CGT event K8 happens if there is a * taxing event generating a gain for a * down interest under section   725 - 245.

Note:   That section sets out some of the CGT consequences of a direct value shift for affected owners of down interests. See also the rest of Division   725.

  (2)   The time of the event is the * decrease time for the * down interest.

  (3)   You make a capital gain equal to the gain generated for the taxing event.

Note:   You cannot make a capital loss.

  (4)   If, because of the same * direct value shift, there are 2 or more * taxing events generating a gain that are covered by subsection   (1), CGT event K8 happens for each of those taxing events, and you make a separate capital gain for each.

Exceptions

  (5)   A * capital gain is disregarded if the * down interest is a * pre - CGT asset.