Document ID: chunk:federal_register_of_legislation:C2024C00267:section:8:p23
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 8 (pt 23/48)
Character Range: 285075–287687

exempt income to which former paragraph 23(o) or former subsection 23C(1) of the Income Tax Assessment Act 1936 (about income from producing or selling gold) applied; and
 (b) you owned the asset continuously from the end of 31 December 1990 until the CGT event.

Capital gain
 (2) For the purposes of working out a capital gain you make from the CGT event, if the asset's market value at the end of 31 December 1990 was more than its cost base at that time, the first element of its cost base at that time is that market value.

Capital loss
 (3) The rest of this section has effect for the purposes of working out a capital loss you make from the CGT event.
 (4) If the asset's market value at the end of 31 December 1990 was less than its reduced cost base at that time, the first element of its reduced cost base at that time is that market value.
 (5) In applying section 110‑55 of the Income Tax Assessment Act 1997 (about reduced cost base):
 (a) treat your notional deductions (within the meaning of Subdivision B or C of former Division 16H of Part III of the Income Tax Assessment Act 1936) as amounts you have deducted; and
 (b) disregard the effect of former sections 159GZZO and 159GZZZ of that Act.

Division 114—Indexation of cost base

Table of sections
114‑5 When indexation relevant

114‑5  When indexation relevant
  Indexation is not relevant to the capital gain of a life insurance company or a registered organisation from a CGT event happening after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999 and before 1 July 2000 unless the company or organisation has chosen that the cost base include indexation for the purposes of the Income Tax Assessment Act 1997.

Division 118—Exemptions

Table of Subdivisions
118‑A General exemptions
118‑B Main residence
118‑C Goodwill

Subdivision 118‑A—General exemptions

Table of sections
118‑10 Interests in collectables
118‑24A Pilot plant

118‑10  Interests in collectables
 (1) This section applies to a collectable you own that:
 (a) is an interest in:
 (i) artwork, jewellery, an antique or a coin or medallion; or
 (ii) a rare folio, manuscript or book; or
 (iii) a postage stamp or first day cover; and
 (b) you last acquired before 16 December 1995.
 (2) A capital gain or capital loss you make from the interest is disregarded if the first element of its cost base is $500 or less.

118‑24A  Pilot plant
 (1) Disregard a capital gain or capital loss you make from a CGT event happening in relation to pilot plant, as defined in former subsection 73B(1) of the Income Tax Assessment Act 1936:
 (a) if the CGT