Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 110-40 Assets acquired before 7.30 pm on 13 May 1997 110-40(1)
This section prevents some expenditure from forming part of one or more elements of the *cost base of a *CGT asset *acquired at or before 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997. (The expenditure mentioned in this section can include giving property: see section 103-5 .)
Note:
For the cost base of a partnership interest you acquire at or before that time, see section 110-43 .
110-40(2)
Expenditure does not form part of the second or third element of the cost base to the extent that you have deducted or can deduct it.
110-40(3)
Expenditure does not form part of any element of the cost base to the extent of any amount you have received as *recoupment of it, except so far as the amount is included in your assessable income.
110-40(4)
Subsection (2) does not apply in relation to amounts that you have deducted or can deduct under Division 243 .
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