Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 253-15 Cost base of financial claims scheme entitlement and any remaining part of account that gave rise to entitlement 253-15(1)
This section applies if an entitlement arises under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959 in connection with an account-holder's account with an *ADI.
253-15(2)
The *cost base and *reduced cost base of the *CGT asset consisting of the entitlement are each the amount of the entitlement.
253-15(3)
The *cost base of the *CGT asset representing the part (if any) of the account-holder's right to be paid an amount by the *ADI in connection with the account that remains after the reduction of that right by section 16AI of the Banking Act 1959 (by the amount of the entitlement) is the difference (if any) between:
(a) the cost base of the right as it was immediately before the reduction; and
(b) the amount of the entitlement.
The *reduced cost base is worked out similarly.
253-15(4)
This section has effect despite:
(a) Division 110 (Cost base and reduced cost base); and
(b) subsections 112-30(2) , (3) , (4) and (5) (which are about apportioning a *cost base if a *CGT event happens to only part of a *CGT asset).
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