Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

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History

Pt 3-1 inserted by No 46 of 1998.

Division 100 - A Guide to capital gains and losses  

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Div 100 inserted by No 46 of 1998.

Step 1 - Have you made a capital gain or a capital loss?  

SECTION 100-33   Can there be a roll-over?  

100-33(1)    

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Roll-overs allow you to defer or disregard a capital gain or loss from a CGT event. They apply in specific situations. Some require a choice (for example, where an asset is compulsorily acquired: see Subdivision 124-B ) and some are automatic (for example, where an asset is transferred because of marriage or relationship breakdown: see Subdivision 126-A ).

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S 100-33(1) amended by No 144 of 2008, s 3 and Sch 14 item 63, by inserting " or relationship " after " marriage " , applicable:

(a) in relation to the 2009 - 2010 income year and later income years; and

(b) to the extent to which the amendments affect the Fringe Benefits Tax Assessment Act 1986 - in relation to the FBT year starting on 1 April 2009 and later FBT years.

100-33(2)    
There are 2 types of roll-over:

1. a replacement-asset roll-over allows you to defer a capital gain or loss from one CGT event until a later CGT event happens where a CGT asset is replaced with another one;

2. a same-asset roll-over allows you to disregard a capital gain or loss from a CGT event where the same CGT asset is involved.

Note:

The replacement-asset roll-overs are listed in section 112-115, and the same-asset roll-overs are listed in section 112-150 .

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History

S 100-33 inserted by No 46 of 1998.

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