INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 116 - Capital proceeds  

Modifications to general rules  

SECTION 116-25   116-25   Table of modifications to the general rules  


There are 6 modifications to the general rules that may be relevant to a *CGT event. This table tells you:
  • · each *CGT event for which the general rules about *capital proceeds are relevant; and
  • · the modifications that can apply to that event; and
  • · any special rules that apply to that event.


    Capital proceeds modifications
    Event number Description of event: Only these modifications can apply: Special rules:
    A1 Disposal of a CGT asset 1, 2, 3, 4, 5, 6 If the *disposal is because another entity exercises an option: see section 116-65
    If the disposal is of *shares or an interest in a trust: see section 116-80
    If the disposal is a gift for which a section 30-212 valuation is obtained: see section 116-100
    If a roll-over under Subdivision 310-D applies: see section 116-110
    If the disposal is a disposal of part of an interest in a *mining, quarrying or prospecting right under a *farm-in farm-out arrangement: see section 116-115
    If the disposal involves a *look-through earnout right: see section 116-120
    .
    B1 Use and enjoyment before title passes 1, 2, 3, 4, 5, 6 None
    .
    C1 Loss or destruction of a CGT asset 2, 3, 4, 6 None
    .
    C2 Cancellation, surrender and similar endings 1, 2, 3, 4, 6 See sections 116-75, 116-80, 116-110 and 116-115
    .
    C3 End of option to acquire shares etc. 2, 3, 4, 6 None
    .
    D1 Creating contractual or other rights 1, 2, 3, 4, 6 None
    .
    D2 Granting an option 1, 2, 3, 4, 6 See section 116-70
    .
    D3 Granting a right to income from mining 1, 2, 3, 4, 6 None
    .
    D4 Entering into a conservation covenant 2, 3, 4, 5, 6 116-105
    .
    E1 Creating a trust over a CGT asset 1, 2, 3, 4, 5, 6 None
    .
    E2 Transferring a CGT asset to a trust 1, 2, 3, 4, 5, 6 If a roll-over under Subdivision 310-D applies: see section 116-110
    .
    E8 Disposal by beneficiary of capital interest 1, 2, 3, 4, 5, 6 See section 116-80
    .
    F1 Granting a lease 2, 3, 4, 6 None
    .
    F2 Granting a long-term lease 2, 3, 4, 6 None
    .
    F4 Lessee receives payment for changing lease 2, 3, 4, 6 None
    .
    F5 Lessor receives payment for changing lease 2, 3, 4, 6 None
    .
    H2 Receipt for event relating to a CGT asset 2, 3, 4, 6 None
    .
    K1 (Repealed by No 77 of 2001)
    .
    K6 Pre-CGT shares or trust interest 1, 2, 3, 4, 5, 6 None
    .
    K7 (Repealed by No 119 of 2002)
    .
    K9 Entitlement to receive payment of a *carried interest 2, 3, 4, 6 None


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