Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p7
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 7/29)
Character Range: 2215663–2218405

section 23AI (amounts paid out of attributed income);
 (iv) section 23AK (attributed foreign investment fund income);
 (v) subsection 23L(1) (fringe benefits);
 (vi) subsection 99B(2A) (attributed trust income);
 (vii) section 128D (dividends, royalties and interest subject to withholding tax);
 (viii) subsection 271‑105(3) in Schedule 2F (amounts subject to family trust distribution tax).
Note: These provisions make amounts non‑assessable non‑exempt income to prevent them being double taxed rather than to remove them entirely from the taxation system. Therefore, the policy reason for disregarding gains and losses does not apply to assets used to produce those amounts.

118‑13  Shares in a PDF
  A *capital gain or *capital loss you make from a *CGT event happening in relation to *shares in a *PDF is disregarded.

118‑15  Registered emissions units
 (1) A *capital gain or *capital loss you make from a *registered emissions unit is disregarded.
 (3) A *capital gain or *capital loss you make from a right to receive an *Australian carbon credit unit is disregarded.

Anti‑overlap provisions

118‑20  Reducing capital gains if amount otherwise assessable
 (1) A *capital gain you make from a *CGT event is reduced if, because of the event, a provision of this Act (outside of this Part) includes an amount (for any income year) in:
 (a) your assessable income or *exempt income; or
 (b) if you are a partner in a partnership, the assessable income or exempt income of the partnership.
 (1A) Subsection (1) applies to an amount that, under a provision of this Act (outside of this Part), is included in:
 (a) your assessable income or *exempt income; or
 (b) if you are a partner in a partnership, the assessable income or exempt income of the partnership;
in relation to a *CGT asset as if it were so included because of the *CGT event referred to in that subsection if the amount would also be taken into account in working out the amount of a *capital gain you make.
Note: An example is an amount assessable under Division 16E of Part III of the Income Tax Assessment Act 1936, which deals with accruals taxation of certain securities.
 (1B) The rule in subsection (1) does not apply to:
 (a) an amount that is taken to be a dividend under section 159GZZZP of the Income Tax Assessment Act 1936 (which relates to buy‑backs of *shares); or
 (b) an amount included in assessable income under subsection 207‑20(1), 207‑35(1) or 207‑35(3) of this Act (which relate to franked distributions).
 (2) The gain is reduced to zero if it does not exceed:
 (a) the amount included; or
 (b) if you are a partner, your share (the partner's share) of the amount included in the assessable income or *exempt income of the partnership (calculated