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Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

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Division 118 - Exemptions  

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Guide to Division 118  

SECTION 118-1   What this Division is about  

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This Division sets out various exemptions for many capital gains and losses.

There are other provisions that provide exemptions from CGT liability, for example, Division 104 (exceptions from CGT events), Division 152 (small business relief) and Division 50 (exempt entities).

Note 1:

There are also these exemptions in the Income Tax Assessment Act 1936 :

  • • section 23AH (about foreign branch gains and losses of companies);
  • • section 26BC (about securities lending arrangements);
  • • section 121AS (about demutualisation of insurance companies);
  • • sections 121EL , 121ELA and 121ELB (about offshore banking units);
  • • section 159GZZZN (about buy-back and cancellation of shares);
  • • section 315 (about superannuation and related businesses);
  • • section 408 (about calculating the attributable income of a CFC).
    • Note 2:

    There are also exemptions in Division 54 .

    Note 3:

    There are also exemptions in Divisions 315 and 316 (about demutualisation of certain insurers).
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