Income Tax Assessment Act 1997

Div 345 repealed by No 70 of 2015, s 3 and Sch 1 item 103, effective 1 July 2015.

Div 345 inserted by No 45 of 2008, s 3 and Sch 1 item 31, effective 26 June 2008.

Subdiv 345-A repealed by No 70 of 2015, s 3 and Sch 1 item 103, effective 1 July 2015.

Subdiv 345-A inserted by No 45 of 2008, s 3 and Sch 1 item 31, effective 26 June 2008.

S 345-10 repealed by No 70 of 2015, s 3 and Sch 1 item 103, effective 1 July 2015. S 345-10 formerly read:

SECTION 345-10 FHSA provider that is trustee of FHSA trust - CGT to be primary code for calculating gains or losses  
345-10(1)
The modifications in subsection (2) apply if a *CGT event happens involving a *CGT asset that was owned by an *FHSA trust.

345-10(2)
These provisions do not apply to the *CGT event:

(a) sections 6-5 (about *ordinary income);

(b) section 8-1 (about amounts you can deduct);

(c) sections 15-15 and 25-40 (about profit-making undertakings or plans).

Exceptions

345-10(3)
The provisions referred to in subsection (2) can apply to the *CGT event if:

(a) any *capital gain or *capital loss from the event is attributable to currency exchange rate fluctuations; or

(b) the *CGT asset is one of the following:

(i) debenture stock, a bond, *debenture, certificate of entitlement, bill of exchange, promissory note or other security;

(ii) a deposit with a bank, building society or other financial institution;

(iii) a loan (secured or not);

(iv) some other contract under which an entity is liable to pay an amount (whether the liability is secured or not).

345-10(4)
The provisions referred to in subsection (2) can also apply to the *CGT event if a *capital gain or *capital loss from the event is disregarded because of one of the provisions in this table:

Where gain or loss disregarded because of CGT provision
Item	Provision	Brief description
1	Paragraph 104-15(4)(a)	Title in a CGT asset does not pass when a hire purchase or similar agreement ends
2	Section 118-5	Cars, motor cycles and valour decorations
3	Section 118-10	Collectables and personal use assets
4	Section 118-13	Shares in a PDF
5	Section 118-25	Trading stock
6	Section 118-30	Film copyright
7	Section 118-35	R & D
8	Section 118-55	Foreign currency hedging gains and losses
9	Section 118-60	Certain gifts
10	Section 118-300	Insurance policies
11	Section 118-305	Superannuation

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History

S 345-10(4) amended by No 93 of 2011, s 3 and Sch 3 item 100, by substituting " R & D " for " Research and development " in table item 7, effective 8 September 2011. For application, savings and transitional provisions see note under Div 355 heading.

S 345-10 inserted by No 45 of 2008, s 3 and Sch 1 item 31, effective 26 June 2008.