Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 104 - CGT events  

Subdivision 104-E - Trusts  

SECTION 104-107D   AMIT cost base reduction amount  

104-107D(1)    
The *CGT asset ' s AMIT cost base reduction amount for the income year is the total of:

(a) money, and the *market value of any property, if:

(i) you start to have a right to receive the money or property from the trustee of the *AMIT in the income year; and

(ii) that right is indefeasible (disregarding section 276-55 ) or is reasonably likely not to be defeated; and

(b) all amounts of *tax offset that you have for the income year in respect of the AMIT because of the operation of section 276-80 ;

to the extent that the total is reasonably attributable to the CGT asset.

104-107D(2)    
If:

(a) *CGT event A1, C2, E1, E2, E6 or E7 happens to the *CGT asset before the end of the income year; and

(b) as a result, the time of the reduction or increase mentioned in subsection 104-107B(4) is just before the time of that CGT event;

do not include in the CGT asset ' s AMIT cost base reduction amount for the income year any *capital proceeds from that CGT event.