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INCOME TAX ASSESSMENT ACT 1997 - SECT 725.255 Multiple CGT consequences for the same down interest or up interest

INCOME TAX ASSESSMENT ACT 1997 - SECT 725.255

Multiple CGT consequences for the same down interest or up interest

  (1)   A * down interest or * up interest of which you are an * affected owner may be covered by 2 or more items in the table in subsection   725 - 250(2).

  (2)   If the * cost base or * reduced cost base of the same * down interest or * up interest is decreased or uplifted under 2 or more items, it is decreased or uplifted by the total of the amounts worked out under those items.

Note:   If subsection   725 - 250(3) is relevant, it will affect all the uplifts worked out under all those items.

  (3)   If for a particular * down interest there is a * taxing event generating a gain under an item in the table in section   725 - 245, that taxing event is in addition to:

  (a)   each taxing event generating a gain for that interest under any other item in that table; and

  (b)   each decrease in the * cost base or * reduced cost base of the interest under an item in the table in subsection   725 - 250(2).

Table of sections

725 - 310   Consequences for down interest or up interest as trading stock

725 - 315   Adjustable value of trading stock

725 - 320   Consequences for down interest or up interest as a revenue asset

725 - 325   Adjustable value of revenue asset

725 - 335   How to work out those consequences

725 - 340   Multiple trading stock or revenue asset consequences for the same down interest or up interest

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