INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 3 - Determination of capital gains and capital losses  

SECTION 160ZG   COST BASE ETC. OF NON-LISTED PERSONAL-USE ASSETS  

160ZG(1)   [Indexed cost base less than $10,000]  

For the purposes of this Part but subject to subsection (2), if the indexed cost base to a taxpayer of a non-listed personal-use asset would, but for this section, be less than $10,000, the indexed cost base to the taxpayer of that asset shall be deemed to be $10,000.

160ZG(2)   [Asset part of another non-listed personal-use asset]  

Where a non-listed personal-use asset (in this subsection referred to as the ``relevant asset'' ) that formed part of another non-listed asset (in this subsection referred to as the ``original asset'' ) is disposed of by a taxpayer, subsection (1) does not apply in relation to the disposal but the indexed cost base to the taxpayer of the relevant asset shall be deemed to be whichever is the greater of the following amounts:

(a) the amount that would, but for this section, be the indexed cost base to the taxpayer of the relevant asset;

(b) the amount that bears to $10,000 the same proportion as the amount ascertained under paragraph (a) bears to the amount that would, but for this section, have been the indexed cost base to the taxpayer of the original asset if the whole of the original asset had been disposed of at the time of the disposal of the relevant asset.

160ZG(3)   [Cost base less than $10,000]  

For the purposes of this Part but subject to subsection (4), if the cost base to a taxpayer of a non-listed personal-use asset would, but for this section, be less than $10,000, the cost base to the taxpayer of that asset shall be deemed to be $10,000.

160ZG(4)   [Asset part of another non-listed personal-use asset]  

Where a non-listed personal-use asset (in this subsection referred to as the ``relevant asset'' ) that formed part of another non-listed personal-use asset (in this subsection referred to as the ``original asset'' ) is disposed of by a taxpayer, subsection (3) does not apply in relation to the disposal but the cost base to the taxpayer of the relevant asset shall be deemed to be whichever is the greater of the following amounts:

(a) the amount that would, but for this section, be the cost base to the taxpayer of the relevant asset;

(b) the amount that bears to $10,000 the same proportion as the amount ascertained under paragraph (a) bears to the amount that would, but for this section, have been the cost base to the taxpayer of the original asset if the whole of the original asset had been disposed of at the time of the disposal of the relevant asset.