INCOME TAX ASSESSMENT ACT 1997 - SECT 104.107F Receipt of money etc. increasing AMIT cost base reduction amount not to be treated as income

INCOME TAX ASSESSMENT ACT 1997 - SECT 104.107F

  (1)   Subsections   (2) and (3) apply if:

  (a)   you start to have a right to receive any money or any property from the trustee of an * AMIT in an income year; and

  (b)   the right is indefeasible (disregarding section   276 - 55) or is reasonably likely not to be defeated; and

  (c)   the right is not remuneration or consideration for you providing finance, services, goods or property to the trustee of the AMIT or to another person; and

  (d)   the right is reasonably attributable to a * CGT asset that is a * membership interest in the AMIT; and

  (e)   the CGT asset is neither * trading stock nor a * Division   230 financial arrangement; and

  (f)   as a result of you starting to have the right, the CGT asset's * AMIT cost base reduction amount for the income year is increased because of the operation of section   104 - 107D.

  (2)   These provisions do not apply to you starting to have the right:

  (a)   sections   6 - 5 (about * ordinary income), 8 - 1 (about amounts you can deduct), 15 - 15 and 25 - 40 (about profit - making undertakings or plans);

  (b)   sections   25A and 52 of the Income Tax Assessment Act 1936 (about profit - making undertakings or schemes).

  (3)   Section   6 - 10 (about * statutory income) does not apply to you starting to have the right except so far as that section applies in relation to section   102 - 5 (about net capital gains).