Document ID: chunk:federal_register_of_legislation:C2004A01073:clause:3_13
Version: federal_register_of_legislation:C2004A01073
Segment Type: clause
Provision Reference: sch 3 cl 13
Character Range: 52757–53673

13  After section 118‑20
Insert:

118‑21  Carried interests

CGT events relating to carried interests not to be treated as income

 (1) The modifications in subsections (2) and (3) apply if *CGT event K9 happens in relation to your entitlement to receive a payment of the *carried interest of a *general partner in a *VCLP or an *AFOF or a *limited partner in a *VCMP.

 (2) These provisions do not apply to the CGT event:
 (a) sections 6‑5 (about *ordinary income), 8‑1 (about amounts you can deduct), 15‑15 and 25‑40 (about profit‑making undertakings or plans) and 118‑20 (reducing capital gains if amount otherwise assessable);
 (b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit‑making undertakings or schemes).

 (3) Section 6‑10 (about *statutory income) does not apply to the *CGT event except so far as that section applies in relation to section 102‑5 (about net capital gains).