• Partnership assets
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    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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    Generally, any capital gain or capital loss from a CGT event happening to a partnership asset is made by the partners individually and not the partnership. This rule will not apply where a CGT event happens to a depreciating asset. Under the UCA, a depreciating asset-that is, a partnership asset-is treated as being held by the partnership and not by the individual partners.

    Last modified: 06 Oct 2009QC 27417