Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 360-50 Modified CGT treatment 360-50(1)
This section applies if the issuing of a *share to an entity gives rise to an entitlement to a *tax offset under this Subdivision.
Note:
This section applies to any share that gives rise to the entitlement, regardless of whether subsection 360-25(2) reduces the amount of the tax offset.
360-50(2)
The entity is taken to hold the *share on capital account.
360-50(3)
The entity must disregard any *capital loss it makes from any *CGT event happening in relation to the *share if:
(a) the entity has continuously held the share since its issue; and
(b) the CGT event happens before the tenth anniversary of the issue of the share.
360-50(4)
The entity may disregard any *capital gain it makes from any *CGT event happening in relation to the *share if:
(a) the entity has continuously held the share since its issue; and
(b) the CGT event happens on or after the first anniversary, but before the tenth anniversary, of the issue of the share.
360-50(5)
If the entity has continuously held the *share since its issue, the *first element of its *cost base and *reduced cost base becomes, on the tenth anniversary of its issue, its *market value on that anniversary.
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.
