Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 2/29)
Character Range: 2202934–2205574

reduced by:
where:
total asset profits is the sum of the profits that the CFC would have made if all its assets were *disposed of at the residency change time for their *market values (ignoring disposals that would not result in a profit).

Increase in capital proceeds
 (5) If all the *CFC's assets were *disposed of at the residency change time for their *market values in the circumstances mentioned in subparagraph 457(2)(a)(ii) of the Income Tax Assessment Act 1936:
 (a) the *distributable profits of the CFC would be reduced by an amount (the distributable profit reduction amount); and
 (b) the CFC would have made a loss (the CFC asset loss) on the disposal of the CFC asset.
 (6) The *capital proceeds are increased by:
where:
total asset losses is the sum of the losses that the CFC would have made if all its assets were *disposed of at the residency change time for their *market values (ignoring disposals that would not result in a loss).
Note: This section is disregarded in calculating the attributable income of a CFC: see section 410 of the Income Tax Assessment Act 1936.

116‑100  Gifts of property
 (1) If CGT event A1 is the giving of a gift of property by you for which a valuation under section 30‑212 is obtained, you may choose that the *capital proceeds from the event are replaced with the value of the property as determined under the valuation.
 (2) You can only make this choice if the valuation was made no more than 90 days before or after the CGT event.

116‑105  Conservation covenants
  If *CGT event D4 happens because you enter into a *conservation covenant over land you own and you can deduct an amount under Division 31 because you enter into the covenant, the *capital proceeds from the event are the amount you can deduct.
Note: To get a deduction under Division 31, you must not receive money, property or other material benefit for entering into the covenant.

116‑110  Roll‑overs for merging superannuation funds
  If a roll‑over is chosen under Subdivision 310‑D in relation to *CGT event A1, C2 or E2, the *capital proceeds of the transferring entity (within the meaning of that Division) from the event are the amount worked out under subsection 310‑55(1) or 310‑60(3).

116‑115  Farm‑in farm‑out arrangements
 (1) If:
 (a) *CGT event A1 is the *disposal of part of your interest in a *mining, quarrying or prospecting right; and
 (b) the part is disposed of under a *farm‑in farm‑out arrangement; and
 (c) you have received an *exploration benefit in respect of the event happening;
in working out the *capital proceeds for the CGT event, treat as zero the *market value of the exploration