INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 102 - Assessable income includes net capital gain  

Operative provisions  

SECTION 102-23   102-23   CGT event still happens even if gain or loss disregarded  


A *CGT event still happens even if:


(a) it does not result in a *capital gain or *capital loss; or


(b) a capital gain or capital loss from the event is disregarded.

Example:

Lindy sells a car. Section 118-5 says that any capital gain or loss from a CGT event happening to a car is disregarded. However, the sale is still an example of CGT event A1.


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