Income Tax Assessment Act 1936


Division 3 - Deductions  

Subdivision H - Period of deductibility of certain advance expenditure  


82KZMGB(1)   [ Application]  

This section applies if:

(a) a taxpayer holds an interest in an agreement mentioned in section 82KZMG as an initial participant in the agreement; and

(b) at least one of these conditions is satisfied:

(i) the taxpayer can deduct or has deducted an amount for a year of income in relation to the interest;

(ii) the condition in subparagraph (i) would be satisfied if section 82KZMGA were disregarded; and

(c) subsection 82KZMG(1) applies to the timing of the deduction (or would apply if section 82KZMGA were disregarded); and

(d) a CGT event happens in relation to the interest, other than a CGT event that happens in respect of thinning.

82KZMGB(2)   [ Determining income]  

The taxpayer's assessable income for the year of income in which the CGT event happens includes:

(a) if, as a result of the CGT event, the taxpayer no longer holds the interest - the market value of the interest (worked out as at the time of the event); or

(b) otherwise - the decrease (if any) in the market value of the interest as a result of the CGT event.

82KZMGB(3)   [ Amounts received]  

Any amount that the taxpayer actually receives because of the CGT event is not included in the taxpayer's assessable income (nor is it exempt income).


Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.