Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 245-175 Remaining total net forgiven amount is applied in reduction of cost bases of CGT assets 245-175(1)
The *total net forgiven amount (if any) remaining after being applied under sections 245-115 , 245-130 and 245-145 is applied, to the maximum extent possible, in reduction, in accordance with sections 245-180 to 245-190 , of the *cost base and *reduced cost base of your *CGT assets.
245-175(2)
Subsection (1) does not apply to the following *CGT assets:
(a) a *pre-CGT asset;
(b) a CGT asset you *acquire after the start of the *forgiveness income year;
(c) a *personal use asset;
(d) a *dwelling that was your main residence at any time before the forgiveness income year;
(e) goodwill;
(f) a right of yours covered by section 118-305 (which exempts from CGT certain rights relating to a superannuation fund or approved deposit fund);
(g) a CGT asset that, throughout the period before the forgiveness income year when it was owned by you, was your *trading stock;
(h) a CGT asset if:
(i) expenditure by you (of a kind which is subject to reduction under section 245-145 ) relates to the asset; and
(ii) a *CGT event in relation to the asset would result in an amount being included in your assessable income, or in you being able to deduct an amount;
(i) if you are a foreign resident at the beginning of the forgiveness income year - an asset of yours that is not *taxable Australian property.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
