Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-E - Trusts  

SECTION 104-72   Reducing your capital gain under CGT event E4 if you are a trustee  

104-72(1)    
A * capital gain you make under subsection 104-70(4) is reduced if:

(a) you are the trustee of another trust that is a * fixed trust and is not a * complying superannuation entity; and

(b) you are taken to have a * capital gain under paragraph 115-215(3)(b) or (c) (your notional gain ) in respect of a corresponding trust gain (the trust gain ); and

(c) some or all (the attributable amount ) of the total of the non-assessable parts referred to in subsection 104-70(4) is attributable to proceeds from the trust gain.

104-72(2)    
The * capital gain is reduced (but not below 0) by the lesser of:

(a) your notional gain; and

(b) the attributable amount.