Commonwealth Consolidated Acts Commonwealth Consolidated Acts
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Event number and description |
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A1 Disposal of a CGT asset |
when disposal contract is entered into or, if none, when entity stops being asset's owner |
capital proceeds from disposal less asset's cost base |
asset's reduced cost base less capital proceeds |
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B1 Use and enjoyment before title passes |
capital proceeds less asset's cost base |
asset's reduced cost base less capital proceeds |
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C1 Loss or destruction of a CGT asset |
when compensation is first received or, if none, when loss discovered or destruction occurred |
capital proceeds less asset's cost base |
asset's reduced cost base less capital proceeds |
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C2 Cancellation, surrender and similar endings |
when contract ending asset is entered into or, if none, when asset ends |
capital proceeds from ending less asset's cost base |
asset's reduced cost base less capital proceeds |
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C3 End of option to acquire shares etc. |
when option ends |
capital proceeds from granting option less expenditure in granting it |
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D1 Creating contractual or other rights |
when contract is entered into or right is created |
capital proceeds from creating right less incidental costs of creating it |
incidental costs of creating right less capital proceeds |
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D2 Granting an option |
when option is granted |
capital proceeds from grant less expenditure to grant it |
expenditure to grant option less capital proceeds |
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D3 Granting a right to income from mining |
when contract is entered into or, if none, when right is granted |
capital proceeds from grant of right less expenditure to grant it |
expenditure to grant right less capital proceeds |
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D4 Entering into a conservation covenant |
when covenant is entered into |
capital proceeds from covenant less cost base apportioned to the covenant |
reduced cost base apportioned to the covenant less capital proceeds from covenant |
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when trust is created |
capital proceeds from creating trust less asset's cost base |
asset's reduced cost base less capital proceeds |
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E2 Transferring a CGT asset to a trust |
when asset transferred |
capital proceeds from transfer less asset's cost base |
asset's reduced cost base less capital proceeds |
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E3 Converting a trust to a unit trust |
when trust is converted |
market value of asset at that time less its cost base |
asset's reduced cost base less that market value |
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non-assessable part of the payment less cost base of the trust interest |
no capital loss |
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E5 Beneficiary becoming entitled to a trust asset |
when beneficiary becomes absolutely entitled |
for trustee--market value of CGT asset at that time less
its cost base; |
for trustee--reduced cost base of CGT asset at that time less
that market value; |
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E6 Disposal to beneficiary to end income right |
the time of the disposal |
for trustee--market value of CGT asset at that time less
its cost base; |
for trustee--reduced cost base of CGT asset at that time less
that market value; |
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E7 Disposal to beneficiary to end capital interest |
the time of the disposal |
for trustee--market value of CGT asset at that time less
its cost base; |
for trustee--reduced cost base of CGT asset at that time less
that market value; |
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E8 Disposal by beneficiary of capital interest |
when disposal contract entered into or, if none, when beneficiary ceases to own CGT asset |
capital proceeds less appropriate proportion of the trust's net assets |
appropriate proportion of the trust's net assets less capital proceeds |
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E9 Creating a trust over future property |
market value of the property (as if it existed when agreement made) less incidental costs in making agreement |
incidental costs in making agreement less market value of the property (as if it existed when agreement made) |
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F1 Granting a lease |
for grant of lease--when entity enters into lease contract
or, if none, at start of lease; |
capital proceeds less expenditure on grant, renewal or extension |
expenditure on grant, renewal or extension less capital proceeds |
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F2 Granting a long term lease |
for grant of lease--when lessor grants lease; |
capital proceeds from grant, renewal or extension less cost base of leased property |
reduced cost base of leased property less capital proceeds from grant, renewal or extension |
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F3 Lessor pays lessee to get lease changed |
when lease term is varied or waived |
no capital gain |
amount of expenditure to get lessee's agreement |
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F4 Lessee receives payment for changing lease |
when lease term is varied or waived |
capital proceeds less cost base of lease |
no capital loss |
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F5 Lessor receives payment for changing lease |
when lease term is varied or waived |
capital proceeds less expenditure in relation to variation or waiver |
expenditure in relation to variation or waiver less capital proceeds |
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no capital loss |
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G3 Liquidator or administrator declares shares or
financial instruments worthless |
when declaration was made |
no capital gain |
shares' or financial instruments' reduced cost base |
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H1 Forfeiture of a deposit |
when deposit is forfeited |
deposit less expenditure in connection with prospective sale |
expenditure in connection with prospective sale less deposit |
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H2 Receipt for event relating to a CGT asset |
when act, transaction or event occurred |
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I1 Individual or company stops being an Australian
resident |
when individual or company stops being Australian resident |
for each CGT asset the person owns, its market value less its cost base |
for each CGT asset the person owns, its reduced cost base less its market value |
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I2 Trust stops being a resident trust |
when trust ceases to be resident trust for CGT purposes |
for each CGT asset the trustee owns, its market value of asset less its cost base |
for each CGT asset the trustee owns, its reduced cost base less its market value |
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J1 Company stops being member of wholly-owned group after
roll-over |
when the company stops |
market value of asset at time of event less its cost base |
reduced cost base of asset less that market value |
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J2 Change in relation to replacement asset or improved asset after a roll-over under Subdivision 152-E [See section 104-185] |
when the change happens |
the amount mentioned in subsection 104-185(5) |
no capital loss |
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J4 Trust fails to cease to exist after a roll-over under Subdivision 124-N [See section 104-195] |
when the failure happens |
market value of asset less asset's cost base |
reduced cost base of asset less asset's market value |
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J5 Failure to acquire replacement asset and to incur fourth element expenditure after a roll-over under Subdivision 152-E [See section 104-197] |
at the end of the replacement asset period |
the amount of the capital gain that you disregarded under Subdivision 152-E |
no capital loss |
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J6 Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain [See section 104-198] |
at the end of the replacement asset period |
the amount mentioned in subsection 104-198(3) |
no capital loss |
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K2 Bankrupt pays amount in relation to debt |
when payment is made |
no capital gain |
so much of payment as relates to denied part of a net capital loss |
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K3 Asset passing to tax-advantaged entity |
when individual dies |
market value of asset at death less its cost base |
reduced cost base of asset less that market value |
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K4 CGT asset starts being trading stock |
when asset starts being trading stock |
market value of asset less its cost base |
reduced cost base of asset less its market value |
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K5 Special capital loss from collectable that has fallen
in market value |
when CGT event A1, C2 or E8 happens to shares in the company, or an interest in the trust, that owns the collectable |
no capital gain |
market value of the shares or interest (as if the collectable had not fallen in market value) less the capital proceeds from CGT event A1, C2 or E8 |
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when another CGT event involving the shares or interest happens |
capital proceeds from the shares or trust interest (so far as attributable to post-CGT assets owned by the company or trust) less the assets' cost bases |
no capital loss |
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K7 Balancing adjustment occurs for a depreciating asset
that you used for purposes other than taxable purposes |
When balancing adjustment event occurs |
Termination value less cost times fraction |
Cost less termination value times fraction |
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K8 Direct value shifts affecting your equity or loan interests in a company or trust [See section 104-250 and Division 725] |
the decrease time for the interests |
the gain worked out under section 725-365 |
no capital loss |
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K9 Entitlement to receive payment of a carried interest [See section 104- 255] |
when you become entitled to receive payment |
capital proceeds from entitlement |
no capital loss |
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K10 You make a forex realisation gain covered by item 1 of the table in subsection 775-70(1) [See section 104-260] |
when the forex realisation event happens |
no capital loss |
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K11 You make a forex realisation loss covered by item 1 of the table in subsection 775-75(1) [See section 104- 265] |
when the forex realisation event happens |
no capital gain |
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K12 Foreign hybrid loss exposure adjustment [See section 104-270] |
just before the end of the income year |
no capital gain |
the amount stated in subsection 104-270(3) |
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L1 Reduction under section 705-57 in tax cost setting amount of assets of entity becoming subsidiary member of consolidated group or MEC group [See section 104-500] |
Just after entity becomes subsidiary member |
no capital gain |
amount of reduction |
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L2 Amount remaining after step 3A etc. of joining allocable cost amount is negative [See section 104- 505] |
Just after entity becomes subsidiary member |
amount remaining |
no capital loss |
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L3 Tax cost setting amounts for retained cost base assets exceed joining allocable cost amount [See section 104- 510] |
Just after entity becomes subsidiary member |
amount of excess |
no capital loss |
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L4 No reset cost base assets against which to apply excess of net allocable cost amount on joining [See section 104- 515] |
Just after entity becomes subsidiary member |
no capital gain |
amount of excess |
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L5 Amount remaining after step 4 of leaving allocable cost amount is negative [See section 104-520] |
When entity ceases to be subsidiary member |
amount remaining |
no capital loss |
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L6 Error in calculation of tax cost setting amount for joining entity's assets: CGT event L6 [See section 104- 525] |
start of the income year when the Commissioner becomes aware of the errors |
the net overstated amount resulting from the errors, or a portion of that amount |
the net understated amount resulting from the errors, or a portion of that amount |
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L8 Reduction in tax cost setting amount for reset cost base assets on joining cannot be allocated [See section 104-535] |
Just after entity becomes subsidiary member |
no capital gain |
amount of reduction that cannot be allocated |
Note: Subsection 230- 310(4) (which deals with hedging financial arrangements) provides that in certain circumstances a CGT event is taken to have occurred in relation to a hedging financial arrangement at the same time as a CGT event actually occurs in relation to a hedged item covered by the arrangement.