Income Tax Assessment Act 1997

Pt 3-1 inserted by No 46 of 1998.

Div 118 inserted by No 46 of 1998.

S 118-35 substituted by No 93 of 2011, s 3 and Sch 3 item 90, effective 8 September 2011. For application, savings and transitional provisions see note under Div 355 heading. S 118-35 formerly read:

SECTION 118-35 Research and development  
118-35(1)
Disregard a *capital gain or *capital loss from a *CGT event if an amount is included in your assessable income in any income year under subsection 73B(27A) , 73BF(4) or 73BM(4) of the Income Tax Assessment Act 1936 because of that CGT event.

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History

S 118-35(1) amended by No 170 of 2001.

118-35(2)
Disregard a *capital gain or *capital loss from a *CGT event if an amount is included in the assessable income of a partner (including you) in any income year under subsection 73B(27A), 73BF(4) or 73BM(4) of that Act because of that CGT event.

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S 118-35(2) amended by No 170 of 2001.

118-35(3)
If you are absolutely entitled to a *CGT asset as against the trustee of a trust (disregarding any legal disability), disregard a *capital gain or *capital loss the trustee makes from a *CGT event if an amount is included in your assessable income or the net income of the trust under subsection 73B(27A), 73BF(4) or 73BM(4) of that Act because of that CGT event.

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History

S 118-35(3) amended by No 170 of 2001.

S 118-35 inserted by No 46 of 1998.