Income Tax Assessment Act 1936

Part IX repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-2008 income year and later years.

Former Part IX inserted by No 97 of 1989 and amended by No 105 of 1989.

Div 10 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years.

Div 10 inserted by No 105 of 1989.

S 304 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 304 formerly read:

SECTION 304 CGT TO BE PRIMARY CODE FOR CALCULATING GAINS OR LOSSES  
304(1) [Ownership by certain entities]  

The modifications in subsection (2) apply if a CGT event happens involving a CGT asset that was owned by one of these entities just before the time of the event:

(a) a complying superannuation fund;

(b) a complying approved deposit fund;

(c) a pooled superannuation trust.

304(2) [Modifications]  

These provisions do not apply to the CGT event:

(a) sections 6-5 (about *ordinary income), 8-1 (about amounts you can deduct) and 15-15 and 25-40 (about profit-making undertakings or plans) of the Income Tax Assessment Act 1997 ;

(b) sections 25A and 52 of this Act (about profit-making undertakings or schemes).

304(3) Exceptions.  

The provisions referred to in subsection (2) can apply to the CGT event if:

(a) any capital gain or capital loss from the event is attributable to currency exchange rate fluctuations; or

(b) the CGT asset is one of these:

(i) debenture stock, a bond, debenture, certificate of entitlement, bill of exchange, promissory note or other security;

(ii) a deposit with a bank, building society or other financial institution;

(iii) a loan (secured or not);

(iv) some other contract under which an entity is liable to pay an amount (whether the liability is secured or not).

304(4) [Where gain or loss is disregarded]  

The provisions referred to in subsection (2) can also apply to the CGT event if a capital gain or capital loss from the event is disregarded because of one of the provisions of the Income Tax Assessment Act 1997 in this table:

Where gain or loss disregarded because of CGT provision
Item	Provision	Brief description
1	Paragraph 104-15(4)(a)	Title in a CGT asset does not pass when a hire purchase or similar agreement ends
.
2	Section 118-5	Cars, motor cycles and valour decorations
.
3	Section 118-10	Collectables and personal use assets
.
4	Section 118-13	Shares in a PDF
.
5	Section 118-25	Trading stock
.
6	Section 118-30	Film copyright
.
7	Section 118-35	Research and development
.
8	Section 118-55	Foreign currency hedging gains and losses
.
9	Section 118-60	Certain gifts
.
10	Section 118-300	Insurance policies
.
11	Section 118-305	Superannuation
.
12	Section 118-310	CGT event happens to right to, or part of, RSA

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History

S 304(4) amended by No 58 of 2000.

S 304 substituted by No 94 of 1999 and No 46 of 1998.

S 304 amended by No 121 and No 39 of 1997, No 17 of 1993, and inserted by No 105 of 1989.

Archived:

S 305 repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 170, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .