Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 977 - Realisation events, and the gains and losses they realise for income tax purposes  

CGT assets  

SECTION 977-15   Gain realised for income tax purposes  

977-15(1)    
A gain is realised for income tax purposes by a *realisation event that happens to a *CGT asset if, and only if, an entity makes a *capital gain from the event. That capital gain is the gain that is realised by the event.

977-15(2)    
If a provision of this Act reduces the gain that would, apart from that provision, be *realised for income tax purposes by the event, the *capital gain is reduced by the same amount.