Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 118 - Exemptions  

Subdivision 118-A - General exemptions  

Exempt or loss-denying transactions

SECTION 118-77   Native title and rights to native title benefits  

118-77(1)    
A * capital gain or * capital loss you make is disregarded if:

(a) you are an * Indigenous person or an * Indigenous holding entity; and

(b) you make the gain or loss because one of the following things happens in relation to a * CGT asset mentioned in subsection (2):

(i) you transfer the CGT asset to one or more entities that are either Indigenous persons or Indigenous holding entities;

(ii) you create a trust, that is an Indigenous holding entity, over the CGT asset;

(iii) your ownership of the CGT asset ends, resulting in * CGT event C2 happening in relation to the CGT asset.

118-77(2)    
The * CGT assets are as follows:

(a) * native title;

(b) the right to be provided with a * native title benefit.

Note:

Paragraph (a) does not require a determination of native title under the Native Title Act 1993 .