Tax Laws Amendment (2008 Measures No. 4) Act 2008 (97 of 2008)

Schedule 3   Minor amendments

Part 1   General amendments

Income Tax Assessment Act 1997

86   Section 102-20 (notes 3 and 4)

Repeal the notes, substitute:

Note 3: You may make a capital gain or capital loss as a result of a CGT event happening to another entity: see subsections 115-215(3), 170-275(1) and 170-280(3).

Note 4: You cannot make a capital loss from a CGT event that happens to your original interests during a trust restructuring period if you choose a roll-over under Subdivision 124-N.

Note 5: The capital loss may be affected if the CGT asset was owned by a member of a demerger group just before a demerger: see section 125-170.