Tax Law Improvement Act (No. 1) 1998 (46 of 1998)
2 CGT (new Parts 3-1, 3-3 and 3-5)
3 Consequential amendment of the Income Tax Assessment Act 1936
402 Subsection 170(10AA)
Repeal the subsection, substitute:
(10AA) Nothing in this section prevents the amendment, at any time, of an assessment for the purpose of giving effect to any of the provisions of the Income Tax Assessment Act 1997 set out in this table.
|
Amendment of assessments |
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|
Item |
Provision |
Brief description |
|
1 |
Subdivision 20-B |
Disposal of a car for which lease payments have been deducted |
|
10 |
Division 28 |
Car expenses |
|
20 |
Section 42-290 |
Balancing adjustment relief for plant |
|
30 |
Subsection 104-10(3) or (6)
|
The time of a CGT event is decided by there being a contract entered into |
|
40 |
Paragraph 104-15(4)(a) |
CGT event B1: agreement ends without title passing |
|
50 |
Subsection 104-40(5) |
Exception to CGT event D2 where option is exercised |
|
60 |
Section 108-15 |
Disposal of collectable that is part of a set |
|
70 |
Section 108-25 |
Disposal of personal use asset that is part of a set |
|
80 |
Section 116-45 |
Modification to capital proceeds for non-receipt |
|
90 |
Section 116-50 |
Modification to capital proceeds for amounts you repay |
|
100 |
Subsection 122-25(4) |
Right or option etc. exercised after roll-over to acquire trading stock |
|
110 |
Subsection 122-135(4) |
Right or option etc. exercised after roll-over to acquire trading stock |
|
120 |
Subdivision 124-B |
Roll-over for assets compulsorily acquired, lost or destroyed |
|
130 |
Subsection 126-5(3) |
CGT event B1: agreement ends without title passing |
|
140 |
Subsection 126-45(3) |
CGT event B1: agreement ends without title passing |
|
150 |
Subsection 126-50(3) |
Right or option etc. exercised after roll-over to acquire trading stock |
|
160 |
Section 126-70 |
Capital loss disregarded despite choice for no roll-over |
|
180 |
Section 330-175
|
An amount in an agreement to transfer deduction entitlements exceeds the maximum amount capable of being transferred |
|
190 |
Subdivision 385-E |
Primary producer elects to spread or defer tax on profit from forced disposal or death of live stock |
|
200 |
Section 385-160 |
Disentitling event happens in relation to your primary production business |
|
210 |
Division 900 |
Substantiation |