INCOME TAX ASSESSMENT ACT 1997
A *capital gain or *capital loss you make from a *CGT event (that is also a *balancing adjustment event) that happens to a *depreciating asset is disregarded if the asset was:
(a) an asset you *held; or
(b) if you are a partner, an asset of the partnership; or
(c) if you are absolutely entitled to the asset as against the trustee of a trust (disregarding any legal disability), an asset of the trustee;
where the decline in value of the asset was worked out under Division 40 (including that Division as it applies under Division 355 ), or the deduction for the asset was calculated under Division 328 , or would have been if the asset had been used.
However, subsection (1) does not apply to:
(a) a *capital gain or *capital loss you make from *CGT event J2 or *CGT event K7 happening; or
(b) a *depreciating asset for which you or another entity has deducted or can deduct amounts under Subdivision 40-F or 40-G .
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.