Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-95 - VALUE SHIFTING  

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History

Part 3-95 inserted by No 90 of 2002.

Division 723 - Direct value shifting by creating right over non-depreciating asset  

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History

Div 723 inserted by No 90 of 2002.

Subdivision 723-A - Reduction in loss from realising non-depreciating asset  

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History

Subdiv 723-A inserted by No 90 of 2002.

SECTION 723-50   Effects if right created over underlying asset is also trading stock or a revenue asset  

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723-50(1)    
Subsection 723-10(3) or (4) or 723-15(3) applies differently if the right created in respect of the underlying asset is also ^* trading stock or a ^* revenue asset at the time of a ^* realisation event that happens to the right.

723-50(2)    
The gain that is taken into account for the purposes of that subsection is:

(a)    

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if the right is also *trading stock - worked out under section 977-35 or 977-40 (about realisation events for trading stock); or

(b)    

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if the right is also a *revenue asset - the greater of:

(i) the gain worked out under section 977-15 (about realisation events for CGT assets); and

(ii) the gain worked out under section 977-55 (about realisation events for revenue assets).

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History

S 723-50(2) amended by No 12 of 2012, s 3 and Sch 6 items 44 - 45, by substituting " *trading stock " for " trading stock " (first occurring) in para (a) and " *revenue asset " for " revenue asset " in para (b), effective 21 March 2012.

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History

S 723-50 inserted by No 90 of 2002.

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