Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-95 - VALUE SHIFTING  

Division 725 - Direct value shifting affecting interests in companies and trusts  

Subdivision 725-D - Consequences for down interest or up interest as CGT asset  

SECTION 725-255   Multiple CGT consequences for the same down interest or up interest  

725-255(1)    
A ^* down interest or ^* up interest of which you are an ^* affected owner may be covered by 2 or more items in the table in subsection 725-250(2) .

725-255(2)    
If the ^* cost base or ^* reduced cost base of the same ^* down interest or ^* up interest is decreased or uplifted under 2 or more items, it is decreased or uplifted by the total of the amounts worked out under those items.

Note:

If subsection 725-250(3) is relevant, it will affect all the uplifts worked out under all those items.

725-255(3)    
If for a particular ^* down interest there is a ^* taxing event generating a gain under an item in the table in section 725-245 , that taxing event is in addition to:

(a)    each taxing event generating a gain for that interest under any other item in that table; and

(b)    each decrease in the ^* cost base or ^* reduced cost base of the interest under an item in the table in subsection 725-250(2) .