Tax Laws Amendment (2006 Measures No. 7) Act 2007 (55 of 2007)
Schedule 1 Small business relief for CGT events
Income Tax Assessment Act 1997
10 Section 104-5 (after table item dealing with CGT event J4)
Insert:
|
J5 Failure to acquire replacement asset and to incur fourth element expenditure after a roll-over under Subdivision 152-E [See section 104-197] |
at the end of the replacement asset period |
the amount of the capital gain that you disregarded under Subdivision 152-E |
no capital loss |
|
J6 Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain [See section 104-198] |
at the end of the replacement asset period |
the amount mentioned in subsection 104-198(3) |
no capital loss |