INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 3 - Determination of capital gains and capital losses  

SECTION 160ZAA   160ZAA   REDUCTION OF CAPITAL GAINS AND CAPITAL LOSSES FOR CERTAIN TAXABLE AUSTRALIAN ASSETS  
If:


(a) the disposal of an asset is covered by paragraph 160T(1)(b) , but not by any other paragraph of subsection 160T(1) ; and


(b) the taxpayer used the assets in the way described in that paragraph for only part of the period (the ``ownership period'' ) starting when the taxpayer acquired the asset and ending when the taxpayer disposed of the asset; and


(c) a capital gain has accrued to the taxpayer, or the taxpayer has incurred a capital loss, in respect of the disposal;

the amount of the capital gain, or of the capital loss, (as the case may be) is taken to be:


Amount of the gain or loss
referred to in paragraph (c)
×   Number of days the asset was used
  in the way described in paragraph
                                          160T(1)(b)                                          
  Number of days in the ownership
            period


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