Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

 View history note

 Hide history note

History

Pt 3-1 inserted by No 46 of 1998.

Division 118 - Exemptions  

 View history note

 Hide history note

History

Div 118 inserted by No 46 of 1998.

Guide to Division 118  

SECTION 118-1   What this Division is about  

View history reference

This Division sets out various exemptions for many capital gains and losses.

There are other provisions that provide exemptions from CGT liability, for example, Division 104 (exceptions from CGT events), Division 152 (small business relief) and Division 50 (exempt entities).

Note 1:

There are also these exemptions in the Income Tax Assessment Act 1936 :

• section 23AH (about foreign branch gains and losses of companies);

• section 26BC (about securities lending arrangements);

• section 121AS (about demutualisation of insurance companies);

• sections 121EL , 121ELA and 121ELB (about offshore banking units);

• section 159GZZZN (about buy-back and cancellation of shares);

• section 315 (about superannuation and related businesses);

• section 408 (about calculating the attributable income of a CFC).

Note 2:

There are also exemptions in Division 54 .

Note 3:

There are also exemptions in Divisions 315 and 316 (about demutualisation of certain insurers).

 View history note

 Hide history note

History

S 118-1 amended by No 53 of 2015, s 3 and Sch 1 item 14, by omitting " • section 24B (about External Territories); " before " • section 26BC (about securities lending arrangements); " in note 1, applicable in relation to the 2016-17 income year and later income years.

S 118-1 amended by No 88 of 2009, s 3 and Sch 3 item 16, by substituting " Divisions 315 and 316 (about demutualisation of certain insurers) " for " Division 315 (about demutualisation of private health insurers) " in Note 3, applicable in relation to demutualisations occurring on or after 1 July 2008.

S 118-1 amended by No 97 of 2008 , s 3 and Sch 1 item 8, by inserting Note 3 at the end, applicable in relation to demutualisations occurring on and after 1 July 2007.

S 118-1 amended by No 15 of 2007, s 3 and Sch 1 item 194, by omitting " • section 27CB (about eligible termination payments); " after the item pertaining to section 26BC, applicable to the 2007-2008 income year and later years.

S 118-1 amended by No 101 of 2004, No 139 of 2002, No 165 of 1999 (as amended by No 173 of 2000) and No 93 of 1999 and inserted by No 46 of 1998.

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.