Treasury Laws Amendment (2018 Measures No. 5) Act 2019 (15 of 2019)

Schedule 1   AMIT technical amendments

Income Tax Assessment Act 1997

5   Subsection 104-107A(3)

Repeal the subsection, substitute:

(3) You make a capital gain equal to:

(a) if the *cost base of the asset is nil - the excess mentioned in paragraph 104-107C(a); or

(b) if the cost base of the asset is not nil - the excess mentioned in paragraph (1)(d) of this section.

Note 1: If you make a capital gain, the cost base and reduced cost base of the CGT asset are reduced to nil (see paragraph 104-107B(2)(a)).

Note 2: You cannot make a capital loss.