INCOME TAX ASSESSMENT ACT 1997 - SECT 615.55 Revenue assets
INCOME TAX ASSESSMENT ACT 1997 - SECT 615.55
Revenue assets(1) For each of your * shares or units that:
(a) is described in paragraph 615 - 45(c); and
(b) was a * revenue asset immediately before its disposal, redemption or cancellation;
your gross proceeds for that disposal, redemption or cancellation are taken to be the amount you would have needed to have received in order to have a nil profit and nil loss for that disposal, redemption or cancellation.
(2) For the purpose of calculating any profit or loss on a future disposal, cessation of ownership, or other realisation of a * share that:
(a) you acquired as described in paragraph 615 - 45(d); and
(b) is a * revenue asset;
you are taken to have paid the following for your acquisition of that share:
