Income Tax Assessment Act 1997



Division 723 - Direct value shifting by creating right over non-depreciating asset  

Subdivision 723-A - Reduction in loss from realising non-depreciating asset  

SECTION 723-1  

723-1   Object  

The purpose of this Division is to reduce a loss that would otherwise be * realised for income tax purposes by a * realisation event happening to an asset (except a * depreciating asset), to the extent that:

(a) value has been shifted out of the asset by the owner creating in an associate a right over the asset; and

(b) the value shifted was not brought to tax when the right was created and has not since been brought to tax on a realisation of the right.


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