Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

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History

Pt 3-1 inserted by No 46 of 1998.

Division 109 - Acquisition of CGT assets  

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Div 109 inserted by No 46 of 1998.

Subdivision 109-A - Operative rules  

SECTION 109-10  

109-10   When you acquire a CGT asset without a CGT event  

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This table sets out some specific rules for the circumstances in which, and the time at which, you acquire a *CGT asset otherwise than as a result of a *CGT event happening.

Acquisition rules (no CGT event)
Item	In these circumstances:	You acquire the asset at this time:
1	You (or your *agent) construct or create a *CGT asset, and you own it when the construction is finished or the asset is created	when the construction, or work that resulted in the creation, started
.
2	A company issues or allots *equity interests or *non-equity shares in the company to you	when contract is entered into or, if none, when equity interests or non-equity shares issued or allotted
.
3	A trustee of a unit trust issues units in the trust to you	when contract is entered into or, if none, when units issued

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S 109-10 amended by No 162 of 2005, s 3 and Sch 6 item 32, by substituting " *non-equity shares " for " non-equity shares (within the meaning of the Income Tax Assessment Act 1936 ) " in the column headed " In these circumstances: " in table item 2, effective 19 December 2005.

S 109-10 amended by No 162 of 2005, s 3 and Sch 6 items 20 and 21, by inserting " or non-equity shares (within the meaning of the Income Tax Assessment Act 1936 ) " after " *equity interests " in the column headed " In these circumstances: " and inserting " or non-equity shares " after " equity interests " in the column headed " You acquire the asset at this time: " in table item 2, effective 1 July 2001 and applicable in accordance with item 118 of Schedule 1 to the New Business Tax System (Debt and Equity) Act 2001 , as though those amendments were debt and equity test amendments within the meaning of item 118 of that Schedule.

S 109-10 amended by No 163 of 2001. For application provisions, see note under Div 974 heading.

S 109-10 amended by No 173 of 2000 and inserted by No 46 of 1998.

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