Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 116 - Capital proceeds  

Modifications to general rules  

SECTION 116-25  

116-25   Table of modifications to the general rules  

There are 6 modifications to the general rules that may be relevant to a *CGT event. This table tells you:

• each *CGT event for which the general rules about *capital proceeds are relevant; and

• the modifications that can apply to that event; and

• any special rules that apply to that event.

Capital proceeds modifications
Event number	Description of event:	Only these modifications can apply:	Special rules:
A1	Disposal of a CGT asset	1, 2, 3, 4, 5, 6	If the *disposal is because another entity exercises an option: see section 116-65 If the disposal is of *shares or an interest in a trust: see section 116-80 If the disposal is a gift for which a section 30-212 valuation is obtained: see section 116-100 If a roll-over under Subdivision 310-D applies: see section 116-110 If the disposal is a disposal of part of an interest in a *mining, quarrying or prospecting right under a *farm-in farm-out arrangement: see section 116-115 If the disposal involves a *look-through earnout right: see section 116-120
.
B1	Use and enjoyment before title passes	1, 2, 3, 4, 5, 6	None
.
C1	Loss or destruction of a CGT asset	2, 3, 4, 6	None
.
C2	Cancellation, surrender and similar endings	1, 2, 3, 4, 6	See sections 116-75, 116-80, 116-110 and 116-115
.
C3	End of option to acquire shares etc.	2, 3, 4, 6	None
.
D1	Creating contractual or other rights	1, 2, 3, 4, 6	None
.
D2	Granting an option	1, 2, 3, 4, 6	See section 116-70
.
D3	Granting a right to income from mining	1, 2, 3, 4, 6	None
.
D4	Entering into a conservation covenant	2, 3, 4, 5, 6	116-105
.
E1	Creating a trust over a CGT asset	1, 2, 3, 4, 5, 6	None
.
E2	Transferring a CGT asset to a trust	1, 2, 3, 4, 5, 6	If a roll-over under Subdivision 310-D applies: see section 116-110
.
E8	Disposal by beneficiary of capital interest	1, 2, 3, 4, 5, 6	See section 116-80
.
F1	Granting a lease	2, 3, 4, 6	None
.
F2	Granting a long-term lease	2, 3, 4, 6	None
.
F4	Lessee receives payment for changing lease	2, 3, 4, 6	None
.
F5	Lessor receives payment for changing lease	2, 3, 4, 6	None
.
H2	Receipt for event relating to a CGT asset	2, 3, 4, 6	None
.
K1	(Repealed by No 77 of 2001)
.
K6	Pre-CGT shares or trust interest	1, 2, 3, 4, 5, 6	None
.
K7	(Repealed by No 119 of 2002)
.
K9	Entitlement to receive payment of a *carried interest	2, 3, 4, 6	None