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Section 3 - Modifications to the treatment of capital gains and losses

Last updated 4 December 2006

The operation of the capital gains tax provisions of the Tax Acts is modified for working out the attributable income for a controlled foreign company (CFC).

Assets included in the calculation

What is a CGT asset having the necessary connection with Australia?

Assets used to produce notional exempt income

Removal of exemption of pre-20 September 1985 assets

Cost base of assets for companies which become CFCs after 30 June 1990

Working out a gain or loss on disposal

Valuation date for assets owned on 30 June 1990

Indexation of the cost base

Provisions for profit-making ventures

Treatment of a net capital loss under the capital gains tax provisions

Rollover of assets under the capital gains tax provisions

Procedures for electing that the rollover provisions apply

Reduction of disposal consideration where attributable income is not distributed

CGT concession for active foreign companies

QC18000