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 104-107H   Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset - amount included in assessable income  

104-107H(1)    
Subsection (2) applies if:

(a) paragraph 104-107G(3)(a) applies in respect of the *CGT asset ' s *AMIT cost base net amount for the income year; and

(b) that AMIT cost base net amount exceeds the cost of the *CGT asset just before the time mentioned in subsection 104-107G(5) .

104-107H(2)    
Include in your assessable income for the income year in which that time occurs:

(a) if the cost of the *CGT asset was nil just before that time - the cost reduction amount; or

(b) otherwise - the excess mentioned in paragraph (1)(b).

104-107H(3)    
Subsection (2) applies despite subsection 104-107F(3) .

104-107H(4)    
For the purposes of section 118-20 , treat this section as being outside of this Part.

Note:

Section 118-20 deals with reducing capital gains if an amount is otherwise assessable.