Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 112 - Modifications to cost base and reduced cost base  

Subdivision 112-E - Deemed sales just before, and reacquisitions on, 1 July 2027  

SECTION 112-185   Method for apportioning capital gains and losses between realisation events and earlier deemed CGT events  

112-185(1)    
The Minister may, by legislative instrument, determine a method for apportioning * capital gains and * capital losses between:

(a)    * realisation events happening on or after 1 July 2027 in relation to * CGT assets; and

(b)    earlier * CGT events relating to those CGT assets that are taken to have happened under subsection 112-155(2) , 112-165(2) or 112-175(2) .

112-185(2)    
For such a * CGT asset, such a method must take into account:

(a)    the * acquisition of the * CGT asset that is taken to have happened under paragraph 112-155(2)(b) , 112-165(2)(b) or 112-175(2)(b) ; and

(b)    any expenditure (including indexation) in an element of the * cost base or * reduced cost base of the CGT asset on or after 1 July 2027; and

(c)    any other matter the Minister considers relevant.

112-185(3)    
For such a * CGT asset, such a method must enable the following to be worked out:

(a)    the * capital proceeds for the sale of the CGT asset that is taken to have happened under paragraph 112-155(2)(a) , 112-165(2)(a) or 112-175(2)(a) ;

(b)    the * cost base and * reduced cost base of the CGT asset when it is taken to have been * acquired under paragraph 112-155(2)(b) , 112-165(2)(b) or 112-175(2)(b) .

The method may also enable other things to be worked out.