Income Tax Assessment Act 1997
View history note
Hide history noteYou reduce the *capital proceeds from a *CGT event that happens in relation to a *CGT asset you have if the conditions in this table are satisfied.
| Conditions for reduction | ||
| Item | Condition | |
| 1 | You must have *acquired the asset from a company or *CFC | |
| 2 | Either: | |
| (a) | the company obtained a roll-over for the *CGT event that resulted in your *acquisition of the asset; or | |
| (b) | the *CFC obtained a roll-over for that event in applying Division 7 of Part X of the Income Tax Assessment Act 1936 for the purpose of working out the *attributable income of a company in relation to any entity except a roll-over under Subdivision 124-J (about Crown leases), 124-K (about depreciating assets) or 124-L (about prospecting and mining entitlements) | |
| 3 | The company or *CFC is taken, under section 47A of the Income Tax Assessment Act 1936 , to have paid you a dividend in relation to that event, and some or all of the dividend is included in your assessable income under section 44 of that Act |
Note:
For roll-overs: see Divisions 122 , 124 and 126 .
116-85(2)
The reduction is the lesser of:
(a) the amount of the dividend; and
(b) the amount of any *capital gain that, apart from the roll-over, the company or *CFC would have made from the *CGT event if its *capital proceeds from the event had been the asset's *market value (at the time of the event).
Note:
This section is disregarded in calculating the attributable income of a CFC: see section 410 of the Income Tax Assessment Act 1936 .
116-85(3)
(Repealed by No 96 of 2004)
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