Commonwealth Consolidated Acts Commonwealth Consolidated ActsDisposal of a CGT asset
(1) One of the requirements in this table must be satisfied if:
(a) you * dispose of a * CGT asset; and
(b) the company undertakes to discharge one or more liabilities in respect of it.
(The * market value, or the * cost base, of an asset is worked out when you disposed of it.)
* What amount the liabilities cannot exceed | ||
Item | In this situation: | the liabilities cannot exceed: |
1 | You * acquired the asset on or after 20 September 1985 | The * cost base of the asset |
2 | You * acquired the asset before 20 September 1985 | The * market value of the asset |
Note: There are rules for working out what are the liabilities in respect of an asset: see section 122 - 37.
Disposal of all the assets of a business
(2) One of the requirements in this table must be satisfied if:
(a) you * dispose of all the assets of a * business; and
(b) the company undertakes to discharge one or more liabilities in respect of the assets of the business.
(The * market value, or the * cost base, of an asset is worked out when you disposed of it.)
What amount the liabilities cannot exceed | ||
Item | In this situation: | The liabilities cannot exceed: |
1 | You * acquired all the assets on or after 20 September 1985 | The sum of the * market values of the * precluded assets and the * cost bases of the other assets |
2 | You * acquired all the assets before 20 September 1985 | The sum of the * market values of the assets |
3 | You * acquired at least one asset on or after 20 September 1985 and at least one before that day | For liabilities in respect of assets you * acquired on or after that day--the sum of the * market values of the * precluded assets and the * cost bases of the other assets; For liabilities in respect of assets you * acquired before that day--the sum of the market values of those assets |