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 108 - CGT assets  

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History

Div 108 inserted by No 46 of 1998.

Subdivision 108-A - What a CGT asset is  

SECTION 108-5   CGT assets  

108-5(1)    
A CGT asset is:

(a) any kind of property; or

(b) a legal or equitable right that is not property.

108-5(2)    
To avoid doubt, these are CGT assets :

(a) part of, or an interest in, an asset referred to in subsection (1);

(b) goodwill or an interest in it;

(c) an interest in an asset of a partnership;

(d) an interest in a partnership that is not covered by paragraph (c).

Note 1:

Examples of CGT assets are:

• land and buildings;

• shares in a company and units in a unit trust;

• options;

• debts owed to you;

• a right to enforce a contractual obligation;

• foreign currency.

Note 2:

An asset is not a CGT asset if the asset was last acquired before 26 June 1992 and was not an asset for the purposes of former Part IIIA of the Income Tax Assessment Act 1936 : see section 108-5 of the Income Tax (Transitional Provisions) Act 1997 .

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History

S 108-5(2) amended by No 101 of 2006 , s 3 and Sch 2 item 686, by amending the reference to a repealed inoperative provision in note 2, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 108-5(2) amended by No 114 of 2000.

S 108-5 inserted by No 46 of 1998.

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