Income Tax Assessment Act 1997
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View history noteChapter 4 inserted by No 162 of 2001.
Part 4-5 inserted by No 162 of 2001.
Div 855 inserted by No 168 of 2006 , s 3 and Sch 4 item 2, applicable to CGT events that happen on or after 12 December 2006.
Subdiv 855-A inserted by No 168 of 2006 , s 3 and Sch 4 item 2, applicable to CGT events that happen on or after 12 December 2006.
This section applies to a * CGT asset that is * taxable Australian property under item 3 of the table in section 855-15 because you have used it at any time in carrying on a * business through a permanent establishment (as mentioned in that item) in Australia.
S 855-35(1) amended by No 110 of 2014, s 3 and Sch 3 item 8, by substituting " (as mentioned in that item) " for " (within the meaning of section 23AH of the Income Tax Assessment Act 1936 ) " , applicable to CGT events happening on or after 12 December 2006.
855-35(2)
The * capital gain or * capital loss you make from a * CGT event in relation to the asset is reduced if you used it in this way for only part of the period from when you * acquired it to when the CGT event happened.
855-35(3)
The gain or loss is reduced by this fraction:
| Number of days the asset was not used
in the way described in subsection (1) Number of days in that period |
S 855-35 inserted by No 168 of 2006 , s 3 and Sch 4 item 2, applicable to CGT events that happen on or after 12 December 2006.
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