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INCOME TAX ASSESSMENT ACT 1997 - SECT 116.25

Table of modifications to the general rules

    There are 6 modifications to the general rules that may be relevant to a * CGT event. This table tells you:

  each * CGT event for which the general rules about * capital proceeds are relevant; and

  the modifications that can apply to that event; and

  any special rules that apply to that event.

 

Capital proceeds modifications


Event number



Description of event:

Only these modifications can apply:



Special rules:

A1

Disposal of a CGT asset

1, 2, 3, 4, 5, 6

If the * disposal is because another entity exercises an option: see section   116 - 65

If the disposal is of * shares or an interest in a trust: see section   116 - 80

If the disposal is a gift for which a section   30 - 212 valuation is obtained: see section   116 - 100

If a roll - over under Subdivision   310 - D applies: see section   116 - 110

If the disposal is a disposal of part of an interest in a * mining, quarrying or prospecting right under a * farm - in farm - out arrangement: see section   116 - 115

If the disposal involves a * look - through earnout right: see section   116 - 120

B1

Use and enjoyment before title passes

1, 2, 3, 4, 5, 6

None

C1

Loss or destruction of a CGT asset

2, 3, 4, 6

None

C2

Cancellation, surrender and similar endings

1, 2, 3, 4, 6

See sections   116 - 75, 116 - 80, 116 - 110 and 116 - 115

C3

End of option to acquire shares etc.

2, 3, 4, 6

None

D1

Creating contractual or other rights

1, 2, 3, 4, 6

None

D2

Granting an option

1, 2, 3, 4, 6

See section   116 - 70

D3

Granting a right to income from mining

1, 2, 3, 4, 6

None

D4

Entering into a conservation covenant

2, 3, 4, 5, 6

116 - 105

E1

Creating a trust over a CGT asset

1, 2, 3, 4, 5, 6

None

E2

Transferring a CGT asset to a trust

1, 2, 3, 4, 5, 6

If a roll - over under Subdivision   310 - D applies: see section   116 - 110

E8

Disposal by beneficiary of capital interest

1, 2, 3, 4, 5, 6

See section   116 - 80

F1

Granting a lease

2, 3, 4, 6

None

F2

Granting a long - term lease

2, 3, 4, 6

None

F4

Lessee receives payment for changing lease

2, 3, 4, 6

None

F5

Lessor receives payment for changing lease

2, 3, 4, 6

None

H2

Receipt for event relating to a CGT asset

2, 3, 4, 6

None

K6

Pre - CGT shares or trust interest

1, 2, 3, 4, 5, 6

None

K9

Entitlement to receive payment of a * carried interest

2, 3, 4, 6

None



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