INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-C - End of a CGT asset  

SECTION 104-20   Loss or destruction of a CGT asset: CGT event C1  

104-20(1)  


CGT event C1 happens if a *CGT asset you own is lost or destroyed.
Note:

This event can apply to part of a CGT asset: see section 108-5 (definition of CGT asset ).

104-20(2)  


The time of the event is:


(a) when you first receive compensation for the loss or destruction; or


(b) if you receive no compensation - when the loss is discovered or the destruction occurred.

104-20(3)  


You make a capital gain if the *capital proceeds from the loss or destruction are more than the asset ' s *cost base. You make a capital loss if those capital proceeds are less than the asset ' s *reduced cost base. Exception

104-20(4)  


A *capital gain or *capital loss you make is disregarded if you *acquired the asset before 20 September 1985.

View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.