Income Tax Assessment Act 1997
This section applies if you are a *member of an *AMIT in respect of an income year because you have a *CGT asset that is your unit or your interest in the AMIT. 104-107B(2)
If the *CGT asset ' s *AMIT cost base net amount for the income year is the excess mentioned in paragraph 104-107C(a) :
(a) in a case where that AMIT cost base net amount exceeds the *cost base of the asset - reduce the cost base and *reduced cost base of the asset to nil; or
(b) otherwise - reduce the cost base and reduced cost base of the asset by that AMIT cost base net amount.
If that AMIT cost base net amount exceeds the cost base of the asset, CGT event E10 will happen (see section 104-107A ).104-107B(3)
If the *CGT asset ' s *AMIT cost base net amount for the income year is the shortfall mentioned in paragraph 104-107C(b) , increase the *cost base and *reduced cost base of the asset by that AMIT cost base net amount. 104-107B(4)
The time of the reduction or increase is:
(a) unless paragraph (b) applies - just before the end of the income year; or
(b) if a *CGT event happens to the *CGT asset at a time when you hold it before the end of the income year - just before the time of that CGT event.
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