Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_14:p19
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 14 (pt 19/40)
Character Range: 81472–84038

and 3 amounts.

           Step 5. Subtract from the Step 4 amount any liabilities of the trust at the time of the disposal.

           Step 6. The result is the reduced net asset amount.

 (3) If you *dispose of only part of that interest, any *capital loss is worked out using the method statement in subsection (1), except that the Step 2 amount is replaced by:

There is more than one beneficiary

 (4) If you are not the only beneficiary with an interest in the trust capital and you *dispose of your interest, any *capital loss is worked out using the method statement in subsection (1), except that the Step 2 amount is replaced by:

 (5) If you are not the only beneficiary with an interest in the trust capital and you *dispose of part of your interest, any *capital loss is worked out using the method statement in subsection (1), except that the Step 2 amount is replaced by:

Exception

 (6) A *capital loss you make is disregarded if you *acquired the *CGT asset that is the interest in the trust capital before 20 September 1985.

104‑105  Creating a trust over future property: CGT event E9

 (1) CGT event E9 happens if:

 (a) you agree for consideration that when property comes into existence you will hold it on trust; and

 (b) at the time of the agreement, no potential beneficiary under the trust has a beneficial interest in the rights created by the agreement.

 (2) The time of the event is when you made the agreement.

 (3) You make a capital gain if the market value the property would have had if it had existed when you made the agreement is more than any *incidental costs you incurred that relate to the event. You make a capital loss if that market value is less.

 (4) The costs can include giving property: see section 103‑5. However, they do not include an amount you have received as *recoupment of them and that is not included in your assessable income, or an amount to the extent that you have deducted or can deduct it.

Subdivision 104‑F—Leases

Table of sections

104‑110 Granting a lease: CGT event F1
104‑115 Granting a long‑term lease: CGT event F2
104‑120 Lessor pays lessee to get lease changed: CGT event F3
104‑125 Lessee receives payment for changing lease: CGT event F4
104‑130 Lessor receives payment for changing lease: CGT event F5

104‑110  Granting a lease: CGT event F1

 (1) CGT event F1 happens if a lessor grants, renews or extends a lease.

Note 1: Other CGT events can apply to leases. An assignment of a lease is an example of CGT event A1.

Note 2: There are special rules that