INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 108 - CGT assets  

Subdivision 108-D - Separate CGT assets  

Guide to Subdivision 108-D

SECTION 108-50   What this Subdivision is about  


For CGT purposes, there are:

  • · exceptions to the common law principle that what is attached to the land is part of the land; and
  • · special rules about buildings and adjacent land; and
  • · rules about when a capital improvement to a CGT asset is treated as a separate CGT asset.
  • Note:

    In addition to the circumstances set out in this Subdivision, separate asset treatment can apply under section 124-595 (about a roll-over for a Crown lease) and section 124-725 (about a roll-over for a prospecting or mining entitlement).


    TABLE OF SECTIONS
    TABLE OF SECTIONS
    Operative provisions
    108-55 When is a building a separate asset from land?
    108-60 Depreciating asset that is part of a building is a separate asset
    108-65 Land adjacent to land acquired before 20 September 1985
    108-70 When is a capital improvement a separate asset?
    108-75 Capital improvements to CGT assets for which a roll-over may be available
    108-80 Deciding if capital improvements are related to each other
    108-85 Meaning of improvement threshold


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