Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-95 - VALUE SHIFTING  

Division 725 - Direct value shifting affecting interests in companies and trusts  

Subdivision 725-E - Consequences for down interest or up interest as trading stock or a revenue asset  

SECTION 725-340   Multiple trading stock or revenue asset consequences for the same down interest or up interest  

725-340(1)    
A ^* down interest or ^* up interest of which you are an ^* affected owner may be covered by 2 or more items in the table in subsection 725-335(3) .

725-340(2)    
If the ^* adjustable value of the same ^* down interest or ^* up interest is decreased or uplifted under 2 or more items, it is decreased or uplifted by the total of the amounts worked out under those items.

Note:

If subsection 725-335(3A) is relevant, it will affect all the uplifts worked out under all those items.

725-340(3)    
If for a particular ^* down interest there is a ^* taxing event generating a gain under an item, that taxing event is in addition to:

(a) each taxing event generating a gain for that interest under any other item in the table; and

(b) each decrease in the ^* adjustable value of the interest under that or any other item in the table.