Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p7
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 7/17)
Character Range: 250082–252659

gain or *capital loss you make from a *CGT event relating to your interest in the copyright in a film is disregarded if:

 (a) an amount is included in your assessable income under section 26AG (about film proceeds) of the Income Tax Assessment Act 1936 because of the event; or

 (b) an amount would have been included apart from section 23H (about exempting film proceeds) of that Act.

 (2) If you are a partner in a partnership, a *capital gain or *capital loss you make from a *CGT event relating to the partnership's interest in the copyright in a film is disregarded if:

 (a) an amount is included in the assessable income of a partner (including you) under section 26AG of that Act because of the event; or

 (b) an amount would have been included apart from section 23H of that Act.

 (3) If you are absolutely entitled to an interest in the copyright in a film as against the trustee of a trust (disregarding any legal disability), a *capital gain or *capital loss you make from a *CGT event relating to the interest is disregarded if:

 (a) an amount is included in your assessable income or the net income of the trust under section 26AG of that Act because of the event; or

 (b) an amount would have been included apart from section 23H of that Act.

118‑35  Research and development

 (1) Disregard a *capital gain or *capital loss from a *CGT event if an amount is included in your assessable income in any income year under subsection 73B(27A) of the Income Tax Assessment Act 1936 because of that CGT event.

 (2) Disregard a *capital gain or *capital loss from a *CGT event if an amount is included in the assessable income of a partner (including you) in any income year under subsection 73B(27A) of that Act because of that CGT event.

 (3) If you are absolutely entitled to a *CGT asset as against the trustee of a trust (disregarding any legal disability), disregard a *capital gain or *capital loss the trustee makes from a *CGT event if an amount is included in your assessable income or the net income of the trust under subsection 73B(27A) of that Act because of that CGT event.

Exempt or loss‑denying transactions

118‑40  Expiry of a lease

  A *capital loss a lessee makes from the expiry, surrender, forfeiture or assignment of a lease (except one granted for 99 years or more) is disregarded if the lessee did not use the lease solely or mainly for the *purpose of producing assessable income.

118‑42  Transfer of stratum units

  If:

 (a) you own land on which there is a building; and

 (b) you subdivide the building