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 102 - Assessable income includes net capital gain  

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History

Div 102 inserted by No 46 of 1998.

Operative provisions  

SECTION 102-20  

102-20   Ways you can make a capital gain or a capital loss  
You can make a *capital gain or *capital loss if and only if a *CGT event happens. The gain or loss is made at the time of the event.

Note 1:

The full list of CGT events is in section 104-5 .

Note 2:

The gain or loss may be affected by an exemption, or may be able to be rolled-over. For exemptions generally, see Division 118 . For roll-overs, see Divisions 122 , 123 , 124 and 126 .

Note 3:

You may make a capital gain or capital loss as a result of a CGT event happening to another entity: see subsections 115-215(3) , 170-275(1) and 170-280(3) .

Note 4:

You cannot make a capital loss from a CGT event that happens to your original interests during a trust restructuring period if you choose a roll-over under Subdivision 124-N .

Note 5:

The capital loss may be affected if the CGT asset was owned by a member of a demerger group just before a demerger: see section 125-170 .

Note 6:

Under subsection 230-310(4) gains and losses are taken to arise from a CGT event in particular circumstances.

Note 7:

This section does not apply in relation to the capital gain mentioned in paragraph 294-120(5)(b) of the Income Tax (Transitional Provisions) Act 1997 .

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S 102-20 amended by No 81 of 2016, s 3 and Sch 1 item 3, by inserting note 7, effective 1 January 2017 and applicable on and after 1 July 2017.

S 102-20 amended by No 88 of 2013, s 3 and Sch 7 item 203, by substituting " Note 6 " for " Note 5 " (second occurring), effective 28 June 2013.

S 102-20 amended by No 15 of 2009 , s 3 and Sch 1 item 69, by inserting note 5 (second occurring) at the end, effective 26 March 2009. For application and transitional provisions see note under Div 230 heading.

S 102-20 amended by No 97 of 2008 , s 3 and Sch 3 item 86, by substituting Notes 3, 4 and inserting Note 5, effective 3 October 2008. Notes 3 and 4 formerly read:

Note 3:

You cannot make a capital loss from a CGT event that happens to your original interests during a trust restructuring period if you choose a roll-over under Subdivision 124-N.

Note 4:

The capital loss may be affected if the CGT asset was owned by a member of a demerger group just before a demerger: see section 125-170.

S 102-20 amended by No 90 of 2002, No 53 of 2002, No 94 of 1999 and inserted by No 46 of 1998.

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