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
Subsections (2) and (3) apply if:
(a) you start to have a right to receive any money or any property from the trustee of an *AMIT in an income year; and
(b) the right is indefeasible (disregarding section 276-55 ) or is reasonably likely not to be defeated; and
(c) the right is not remuneration or consideration for you providing finance, services, goods or property to the trustee of the AMIT or to another person; and
(d) the right is reasonably attributable to a *CGT asset that is a *membership interest in the AMIT; and
(e) the CGT asset is neither *trading stock nor a *Division 230 financial arrangement; and
(f) as a result of you starting to have the right, the CGT asset ' s *AMIT cost base reduction amount for the income year is increased because of the operation of section 104-107D .
These provisions do not apply to you starting to have the right:
(a) sections 6-5 (about *ordinary income), 8-1 (about amounts you can deduct), 15-15 and 25-40 (about profit-making undertakings or plans);
(b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit-making undertakings or schemes). 104-107F(3)
Section 6-10 (about *statutory income) does not apply to you starting to have the right except so far as that section applies in relation to section 102-5 (about net capital gains).
Division 104
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CGT events
Subdivision 104-E
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Trusts
SECTION 104-107F
Receipt of money etc. increasing AMIT cost base reduction amount not to be treated as income
104-107F(1)
Subsections (2) and (3) apply if:
(a) you start to have a right to receive any money or any property from the trustee of an *AMIT in an income year; and
(b) the right is indefeasible (disregarding section 276-55 ) or is reasonably likely not to be defeated; and
(c) the right is not remuneration or consideration for you providing finance, services, goods or property to the trustee of the AMIT or to another person; and
(d) the right is reasonably attributable to a *CGT asset that is a *membership interest in the AMIT; and
(e) the CGT asset is neither *trading stock nor a *Division 230 financial arrangement; and
(f) as a result of you starting to have the right, the CGT asset ' s *AMIT cost base reduction amount for the income year is increased because of the operation of section 104-107D .
104-107F(2)
These provisions do not apply to you starting to have the right:
(a) sections 6-5 (about *ordinary income), 8-1 (about amounts you can deduct), 15-15 and 25-40 (about profit-making undertakings or plans);
(b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit-making undertakings or schemes). 104-107F(3)
Section 6-10 (about *statutory income) does not apply to you starting to have the right except so far as that section applies in relation to section 102-5 (about net capital gains).
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