Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 152.310

Consequences in all cases

  (1)   If the individual, company or trust makes the choice mentioned in section   152 - 305 for any part of the * capital gain from the * CGT asset, that part of the capital gain equal to its * CGT exempt amount is disregarded.

Additional consequences in relation to company or trust

  (2)   Any payment or part of one the company or trust makes to comply with section   152 - 325:

  (a)   is not assessable income, and is not * exempt income, of the * CGT concession stakeholder to whom it is made; and

  (b)   cannot be deducted from the company's or trust's assessable income.

Additional consequences in relation to interposed entities

  (3)   If:

  (a)   an entity (the paying entity ) receives a payment (whether directly or indirectly through one or more interposed entities) that a company or trust makes to comply with section   152 - 325; and

  (b)   the paying entity passes on the payment to the * CGT concession stakeholder or another interposed entity;

then:

  (c)   the payment cannot be deducted from the paying entity's assessable income; and

  (d)   the payment received by the paying entity is not assessable income and is not * exempt income.