Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 118.80

Reduction of boat capital gain

    A * capital gain you make from a * CGT event happening in relation to a boat for an income year is reduced by an amount that is a quarantined amount for you for the income year under subsection   26 - 47(2).

Note:   Section   26 - 47 denies deductions for the excess of boat expenditure over boat income.



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