Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:2_2:p2
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 2/14)
Character Range: 721279–723878

respect of the acquisition of the asset under the relevant provision of the Income Tax Assessment Act 1936.

102‑15  Applying net capital losses

 (1) In working out whether you have a net capital gain for the 1998‑99 income year, the amount of any net capital loss for the 1997‑98 income year or an earlier income year must be worked out under the Income Tax Assessment Act 1936.

 (2) If you had a net capital loss for the 1997‑98 income year, or some unapplied net capital loss for either of the 2 preceding income years, under Part IIIA of the Income Tax Assessment Act 1936, it can be carried forward to a later income year to be applied under the Income Tax Assessment Act 1997.

Note: The way in which capital losses can be applied may be affected by other provisions: see section 102‑30 of the Income Tax Assessment Act 1997.

 (3) If you had a net listed personal‑use asset loss for the 1997‑98 income year under Part IIIA of the Income Tax Assessment Act 1936, it is taken for the purposes of the Income Tax Assessment Act 1997 to be a net capital loss from collectables for that income year.

102‑20  Net capital gains, capital gains and capital losses for income years before 1998‑99

  For the 1997‑98 income year or an earlier income year:

capital gain has the meaning given by Part IIIA of the Income Tax Assessment Act 1936.

capital loss has the meaning given by Part IIIA of the Income Tax Assessment Act 1936.

net capital gain has the meaning given by Part IIIA of the Income Tax Assessment Act 1936.

Division 104—CGT events

Table of Subdivisions

104‑B Use and enjoyment before title passes

104‑E Trusts

104‑J Reversal of roll‑overs

104‑K Other CGT events

Subdivision 104‑B—Use and enjoyment before title passes

104‑15  Use and enjoyment before title passes

  A capital gain or capital loss is disregarded if:

 (a) you made the capital gain or capital loss for the 1997‑98 income year or an earlier income year under Part IIIA of the Income Tax Assessment Act 1936 because of an agreement to which paragraph 160M(3)(d) of that Act applies with another entity in relation to an asset; and

 (b) the agreement ends in the 1998‑99 income year or a later income year; and

 (c) title in the asset does not pass to the other entity when the agreement ends.

Subdivision 104‑E—Trusts

104‑70  Capital payment before 18 December 1986 for trust interest

 (1) This section applies for the purpose of working out the cost base of a unit or an interest you own in a trust if these conditions are satisfied:

 (a) CGT event E4 happens in relation to the