Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 104 - CGT events  

Subdivision 104-E - Trusts  

SECTION 104-107F   Receipt of money etc. increasing AMIT cost base reduction amount not to be treated as income  

104-107F(1)  
Subsections (2) and (3) apply if:


(a) you start to have a right to receive any money or any property from the trustee of an *AMIT in an income year; and


(b) the right is indefeasible (disregarding section 276-55 ) or is reasonably likely not to be defeated; and


(c) the right is not remuneration or consideration for you providing finance, services, goods or property to the trustee of the AMIT or to another person; and


(d) the right is reasonably attributable to a *CGT asset that is a *membership interest in the AMIT; and


(e) the CGT asset is neither *trading stock nor a *Division 230 financial arrangement; and


(f) as a result of you starting to have the right, the CGT asset ' s *AMIT cost base reduction amount for the income year is increased because of the operation of section 104-107D .

104-107F(2)  
These provisions do not apply to you starting to have the right:


(a) sections 6-5 (about *ordinary income), 8-1 (about amounts you can deduct), 15-15 and 25-40 (about profit-making undertakings or plans);


(b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit-making undertakings or schemes).

104-107F(3)  
Section 6-10 (about *statutory income) does not apply to you starting to have the right except so far as that section applies in relation to section 102-5 (about net capital gains).


 

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.