Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-95 - VALUE SHIFTING  

Division 723 - Direct value shifting by creating right over non-depreciating asset  

Subdivision 723-A - Reduction in loss from realising non-depreciating asset  

SECTION 723-1  

723-1   Object  

The purpose of this Division is to reduce a loss that would otherwise be ^* realised for income tax purposes by a ^* realisation event happening to an asset (except a ^* depreciating asset), to the extent that:

(a) value has been shifted out of the asset by the owner creating in an associate a right over the asset; and

(b) the value shifted was not brought to tax when the right was created and has not since been brought to tax on a realisation of the right.