Document ID: chunk:federal_register_of_legislation:C2014C00710:clause:2_16:p3
Version: federal_register_of_legislation:C2014C00710
Segment Type: clause
Provision Reference: sch 2 cl 16 (pt 3/3)
Character Range: 50995–52098

of the body just before the disposal.
Note: Trading stock and depreciating assets are not revenue assets. See section 977‑50.
 (2) The body is taken to have disposed of the *revenue asset to the company for an amount such that the body would not make a profit or a loss on the disposal.
 (3) For the purpose of calculating any profit or loss on a future disposal of, cessation of owning, or other realisation of, the *revenue asset, the company is taken to have paid the body that amount for the disposal of the revenue asset to the company.

Ceasing to own or other realising
 (4) Subsection (5) applies to a *CGT asset:
 (a) that the body ceases to own, or otherwise realises, because the body ceases to exist; and
 (b) that is a *revenue asset of the body just before the cessation or realisation.
Note: Trading stock and depreciating assets are not revenue assets. See section 977‑50.
 (5) The body is taken to have disposed of the *revenue asset for an amount such that the body would not make a profit or a loss on the disposal.

Division 2—Consequential amendments

Income Tax Assessment Act 1997