Income Tax Assessment Act 1997
View history note
Hide history noteIf you receive a payment in connection with a transaction that relates to more than one *CGT event, the capital proceeds from each event are so much of the payment as is reasonably attributable to that event.
Example:
You sell a block of land and a boat for a total of $100,000. This transaction involves 2 CGT events.
The $100,000 must be divided among the 2 events. The capital proceeds from the disposal of the land are so much of the $100,000 as is reasonably attributable to it. The rest relates to the boat.
116-40(2)
If you receive a payment in connection with a transaction that relates to one *CGT event and something else, the capital proceeds from the event are so much of the payment as is reasonably attributable to the event.
Example:
You are an architect. You receive $70,000 for selling a block of land and giving advice to the new owner. This transaction involves one CGT event: the disposal of the land.
The capital proceeds from the disposal of the land is so much of the $70,000 as is reasonably attributable to that disposal.
116-40(3)
The payment can include giving property: see section 103-5 .
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