Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p12
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 12/40)
Character Range: 1854007–1856634

goods or property to the trustee of the AMIT or to another person.
 (7) For the purposes of section 118‑20, treat this section as being outside of this Part.
Note: Section 118‑20 deals with reducing capital gains if an amount is otherwise assessable.

104‑107H  Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset—amount included in assessable income
 (1) Subsection (2) applies if:
 (a) paragraph 104‑107G(3)(a) applies in respect of the *CGT asset's *AMIT cost base net amount for the income year; and
 (b) that AMIT cost base net amount exceeds the cost of the *CGT asset just before the time mentioned in subsection 104‑107G(5).
 (2) Include in your assessable income for the income year in which that time occurs:
 (a) if the cost of the *CGT asset was nil just before that time—the cost reduction amount; or
 (b) otherwise—the excess mentioned in paragraph (1)(b).
 (3) Subsection (2) applies despite subsection 104‑107F(3).
 (4) For the purposes of section 118‑20, treat this section as being outside of this Part.
Note: Section 118‑20 deals with reducing capital gains if an amount is otherwise assessable.

Subdivision 104‑F—Leases

Table of sections
104‑110 Granting a lease: CGT event F1
104‑115 Granting a long‑term lease: CGT event F2
104‑120 Lessor pays lessee to get lease changed: CGT event F3
104‑125 Lessee receives payment for changing lease: CGT event F4
104‑130 Lessor receives payment for changing lease: CGT event F5

104‑110  Granting a lease: CGT event F1
 (1) CGT event F1 happens if a lessor grants, renews or extends a lease.
Note 1: Other CGT events can apply to leases. An assignment of a lease is an example of CGT event A1.
Note 2: There are special rules that apply to some lease transactions: see Division 132.
 (2) The time of the event is:
 (a) for the grant of a lease:
 (i) when the contract for the lease is entered into; or
 (ii) if there is no contract—at the start of the lease; or
 (b) for a renewal or extension—at the start of the renewal or extension.
 (3) The lessor makes a capital gain if the *capital proceeds from the grant, renewal or extension are more than the expenditure it incurred on the grant, renewal or extension. It makes a capital loss if those capital proceeds are less.
 (4) The expenditure can include giving property: see section 103‑5. However, it does not include an amount you have received as *recoupment of it and that is not included in your assessable income, or an amount to the extent that you have deducted or can deduct it.

Exception
 (5) The lessor can choose to apply section 104‑115 to certain