Income Tax Assessment Act 1997
View history note
Hide history noteCGT event C1 happens if a *CGT asset you own is lost or destroyed.
Note:
This event can apply to part of a CGT asset: see section 108-5 (definition of CGT asset ).
104-20(2)
The time of the event is:
(a) when you first receive compensation for the loss or destruction; or
(b) if you receive no compensation - when the loss is discovered or the destruction occurred.
104-20(3)
You make a capital gain if the *capital proceeds from the loss or destruction are more than the asset ' s *cost base. You make a capital loss if those capital proceeds are less than the asset ' s *reduced cost base.
Exception
104-20(4)
A *capital gain or *capital loss you make is disregarded if you *acquired the asset before 20 September 1985.
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