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  • Exceptions, exemptions, discounts or other concessions

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    There may be exceptions, exemptions, discounts, roll-over or other concessions that allow you to reduce, defer or disregard your capital gain or capital loss. For example, generally you can disregard any capital gain or capital loss associated with any pre-CGT assets you acquired before 20 September 1985.

    For example, if a company in which you hold shares is taken over or merges with another company, you may have a capital gains tax obligation if you are required to dispose of your existing shares. If this happened this income year, you may be able to defer or roll over your CGT obligation until a later CGT event happens. This is known as scrip for scrip roll-over and it does not apply if you make a capital loss.

    Another example of a roll-over is in relation to transferring a CGT asset to your former spouse after a marriage breakdown. In this case, you may not have to pay capital gains tax on the transfer, but capital gains tax may need to be paid when a later CGT event happens to the asset (for example, if your former spouse disposes of the asset).

    Last modified: 06 Oct 2009QC 16182