Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-1
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CAPITAL GAINS AND LOSSES: GENERAL TOPICS
Reduce the *cost base and *reduced cost base of a *CGT asset, and any other amount that could be involved in the calculation of an entity's *capital gain or *capital loss, by the amount of any *net input tax credit of the entity in relation to that amount.
Division 103
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General rules
Operative provisions
SECTION 103-30
103-30
Reduction of cost base etc. by net input tax credits
Reduce the *cost base and *reduced cost base of a *CGT asset, and any other amount that could be involved in the calculation of an entity's *capital gain or *capital loss, by the amount of any *net input tax credit of the entity in relation to that amount.
Example:The other amount could be expenditure in the case of some CGT events (see, for example, CGT event D1).
Note:
Subsection 116-20(5) deals with the effect of net GST on supplies for the purposes of capital proceeds.
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