Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 110 - Cost base and reduced cost base  

Subdivision 110-A - Cost base  

What does not form part of the cost base

SECTION 110-40   Assets acquired before 7.30 pm on 13 May 1997  

110-40(1)    

This section prevents some expenditure from forming part of one or more elements of the *cost base of a *CGT asset *acquired at or before 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997. (The expenditure mentioned in this section can include giving property: see section 103-5 .)

Note:

For the cost base of a partnership interest you acquire at or before that time, see section 110-43 .

110-40(2)    
Expenditure does not form part of the second or third element of the cost base to the extent that you have deducted or can deduct it.

110-40(3)    
Expenditure does not form part of any element of the cost base to the extent of any amount you have received as *recoupment of it, except so far as the amount is included in your assessable income.

110-40(4)    

Subsection (2) does not apply in relation to amounts that you have deducted or can deduct under Division 243 .