Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 119 - Minimum rate of tax on capital gains  

Operative provisions  

SECTION 119-5   Your minimum tax capital gain for an income year  

119-5(1)    
Your minimum tax capital gain (if any) for an income year is worked out as follows:

(a)    first, total the amounts of * capital gains (if any) covered by subsection (2) that are remaining after applying step 6 of the method statement in subsection 102-5(1) ;

(b)    next, reduce the result of paragraph (a) (but not below nil) by the total amount (if any) you are entitled to deduct, for the income year, under any of the following:

(i) Division 30 (about gifts or contributions);

(ii) Division 31 (about conservation covenants).

119-5(2)    
This subsection covers a * capital gain you made during the income year, including because of section 115-215 (about attribution of trust gains to beneficiaries), if:

(a)    the capital gain is:

(i) a * residential capital gain; or

(ii) a * non-residential capital gain; and

(b)    section 115-102 (about new residential dwellings) does not apply to the capital gain; and

(c)    section 115-125 (about affordable housing) does not apply to the capital gain.