Document ID: chunk:federal_register_of_legislation:C2025C00029:section:14:p19
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 14 (pt 19/20)
Character Range: 1822282–1824919

interest before 20 September 1985.
 (8) CGT event E4 does not happen to the extent that the payment is reasonably attributable to a *LIC capital gain.
 (9) CGT event E4 does not happen for a payment made to a foreign resident to the extent that the payment is reasonably attributable to *ordinary income or *statutory income from sources other than an *Australian source. However, this exception does not apply if the trust is a *public trading trust.

104‑71  Adjustment of non‑assessable part
 (1) In working out the non‑assessable part referred to in section 104‑70, disregard any part of the payment that is:
 (a) *non‑assessable non‑exempt income; or
 (c) paid from an amount that has been assessed to the trustee; or
 (d) paid from an amount that is *personal services income included in your assessable income, or another entity's assessable income, under section 86‑15; or
 (da) a payment to which paragraph 118‑37(1)(ba) applies (about compensation paid through a trust); or
 (db) a payment to which subsection 118‑300(1A) applies (about insurance and annuity payments paid through a trust); or
 (e) repaid by you; or
 (f) compensation you paid that can reasonably be regarded as a repayment of all or part of the payment; or
 (g) an amount referred to in section 152‑125 (which exempts a payment of a small business 15‑year exemption amount) as an exempt amount.
The payment can include giving property (see section 103‑5).
 (2) However, the non‑assessable part is not reduced by any part of the payment that you can deduct.
 (3) The amount of the non‑assessable part referred to in section 104‑70 is adjusted to exclude any part of it that is attributable to:
 (a) an amount that is not included in the assessable income of an entity because of section 124ZM or 124ZN (which exempt income arising from *shares in a *PDF) of the Income Tax Assessment Act 1936; or
 (aa) an amount that is not included in the assessable income of an entity because of section 51‑52 or subsection 51‑54(1) or (1A) of this Act; or
 (b) *capital proceeds from a *CGT event that happens in relation to *shares in a company that was a *PDF when that event happened; or
 (c) capital proceeds from a CGT event if:
 (i) the CGT event relates to an *eligible venture capital investment; and
 (ii) the share of a partner in an ESVCLP in a *capital gain or *capital loss from the CGT event is disregarded under section 118‑407; or
 (d) that part of the capital proceeds from a CGT event, relating to an eligible venture capital investment, for which there is a partial exemption under section 118‑408; or
 (e) capital proceeds from a CGT event if a capital