INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 1 - Preliminary  

Subdivision B - Interpretation  

SECTION 160C   TAXPAYER  

160C(1)   [Disposal]  

A reference in this Part to a taxpayer, in relation to an asset that has been disposed of or in relation to a capital gain or listed personal-use asset gain that accrued or a capital loss or a listed personal-use asset loss that was incurred in respect of such an asset, is a reference:

(a) except where paragraph (b) applies - to the person who owned the asset immediately before the disposal took place; or

(b) where the disposal resulted from an act that is, by virtue of subsection 160V(1) or section 160W, deemed to be the act of a person other than the person who owned the asset immediately before the disposal took place - to that other person.

160C(2)   [Acquisition]  

A reference in this Part to a taxpayer, in relation to an asset that has been acquired, is a reference to the person who owned the asset immediately after the acquisition took place.

160C(3)   [Partnership]  

In calculating the net income of a partnership, or a partnership loss, in accordance with section 90 , the partnership is not taken to be a taxpayer for the purposes of this Part.