Income Tax Assessment Act 1997
View history note
Hide history noteTo the extent that the * direct value shift is from * down interests of which you are an * affected owner, and that are specified in an item in the table, to * up interests specified in that item, those up interests give rise to a taxing event generating a gain for you on each of those down interests. The gain is worked out under section 725-365 .
| Taxing events generating a gain for down interests as CGT assets | ||
| Item | Down interests: | Up interests: |
| 1 | *down interests that:
(a) are owned by you ; and (b) are neither your *revenue assets nor your *trading stock ; and (c) have *pre-shift gains ; and (d) are *post-CGT assets |
*up interests owned by
you
that:
(a) are neither your revenue assets nor your trading stock ; and (b) are *pre-CGT assets |
| 2 | *down interests that:
(a) are owned by you ; and (b) are neither your *revenue assets nor your *trading stock ; and (c) have *pre-shift gains |
*up interests owned by you that are your trading stock or revenue assets |
| 3 | *down interests owned by
you
that:
(a) are of the one kind (either your *trading stock or your *revenue assets ); and (b) have *pre-shift gains |
*up interests owned by
you
that:
(a) are of the other kind (either your revenue assets or your trading stock ); or (b) are neither your *revenue assets nor your *trading stock |
| 4 | *down interests owned by you that have *pre-shift gains | up interests owned by other *affected owners |
Note:
If there is a taxing event generating a gain on a down interest, CGT event K8 happens: see section 104-250 . However, a capital gain you make under CGT event K8 is disregarded if the down interest:
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