Income Tax Assessment Act 1997
Part 3-3 inserted by No 46 of 1998.
Div 152 inserted by No 165 of 1999 (as amended by No 173 of 2000).
SECTION 152-415 152-415 What the roll-over consists of
If you choose the roll-over, you can choose to disregard all or part of each *capital gain to which this Subdivision applies.
Note:
If you choose to disregard only some of the capital gain, you make a capital gain equal to the remaining amount.
Example:
The original capital gain was $100,000. You have reduced it to $25,000 under other concessions (apart from the roll-over). If you choose to disregard $20,000, you are left with a final capital gain of $5,000.
S 152-415 substituted
No 55 of 2007
, s 3 and Sch 1 item 57, applicable to CGT events happening in the 2006-07 income year or later income years. S 152-415 formerly read:
If there is an amount of the capital gain that cannot be so disregarded, you make a capital gain equal to that amount.
SECTION 152-415 What the roll-over consists of
152-415
If you choose the roll-over, so much of the *capital gain that would have remained apart from the roll-over as does not exceed the total of the first and second elements of the *cost base of the replacement asset is disregarded.
Note:
Example:
The original capital gain was $100. You have reduced it to $25 under other concessions (apart from the roll-over). If the total of the first and second elements of the cost base of the replacement asset is $20, you can disregard $20 under this section, leaving a final capital gain of $5.
S 152-415 inserted by No 165 of 1999 (as amended by No 173 of 2000).
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