Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

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

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Division 118 - Exemptions

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Subdivision 118-A - General exemptions

Anti-overlap provisions

SECTION 118-30 Film copyright

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118-30(1)

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A *capital gain or *capital loss you make from a *CGT event relating to your interest in the copyright in a film is disregarded if an amount is included in your assessable income under section 26AG (about film proceeds) of the Income Tax Assessment Act 1936 because of the event.

118-30(2)

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If you are a partner in a partnership, a *capital gain or *capital loss you make from a *CGT event relating to the partnership's interest in the copyright in a film is disregarded if an amount is included in the assessable income of a partner (including you) under section 26AG of that Act because of the event.

118-30(3)

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If you are absolutely entitled to an interest in the copyright in a film as against the trustee of a trust (disregarding any legal disability), a *capital gain or *capital loss you make from a *CGT event relating to the interest is disregarded if an amount is included in your assessable income or the net income of the trust under section 26AG of that Act because of the event.

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History

S 118-30 substituted by No 101 of 2006 , s 3 and Sch 2 item 698, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive . S 118-30 formerly read:

SECTION 118-30 Film copyright
118-30(1)
A *capital gain or *capital loss you make from a *CGT event relating to your interest in the copyright in a *film is disregarded if:

(a) an amount is included in your assessable income under section 26AG (about film proceeds) of the Income Tax Assessment Act 1936 because of the event; or

(b) an amount would have been included apart from section 23H (about exempting film proceeds) of that Act.

118-30(2)
If you are a partner in a partnership, a *capital gain or *capital loss you make from a *CGT event relating to the partnership's interest in the copyright in a *film is disregarded if:

(a) an amount is included in the assessable income of a partner (including you) under section 26AG of that Act because of the event; or

(b) an amount would have been included apart from section 23H of that Act.

118-30(3)
If you are absolutely entitled to an interest in the copyright in a *film as against the trustee of a trust (disregarding any legal disability), a *capital gain or *capital loss you make from a *CGT event relating to the interest is disregarded if:

(a) an amount is included in your assessable income or the net income of the trust under section 26AG of that Act because of the event; or

(b) an amount would have been included apart from section 23H of that Act.
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History

S 118-30 inserted by No 46 of 1998.

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