Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_1:p8
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 8/9)
Character Range: 22563–27366

car is disregarded. However, the sale is still an example of CGT event A1.

102‑25  Order of application of CGT events

 (1) Work out if a *CGT event (except *CGT events D1 and H2) happens to your situation. If more than one event can happen, the one you use is the one that is the most specific to your situation.

 (2) However, there is an exception for *CGT event K5 (which depends on CGT event A1, C2 or E8 happening). In that case, CGT event K5 happens in addition to the other event.

 (3) If no *CGT event (except *CGT events D1 and H2) happens:

 (a) work out if CGT event D1 happens and use that event if it does; and

 (b) if it does not, work out if CGT event H2 happens and use that event if it does.

Note: The full list of CGT events is in section 104‑5.

102‑30  Exceptions and modifications

  Provisions of this Act are in normal text, the other provisions, in bold, are provisions of the Income Tax Assessment Act 1936.

Special rules affecting capital gains and capital losses
                                                          For this kind of entity:
Item                                                                                         There are these special rules:                                                                                                                                                                                                          See:
  1                                                       All entities                       You can subtract capital losses from collectables only from your capital gains from collectables.                                                                                                                                       section 108‑10
  2                                                       All entities                       Disregard capital losses you make from personal use assets.                                                                                                                                                                             section 108‑20
  3                                                       All entities                       If any of your commercial debts have been forgiven in the income year, your net capital losses (including net capital losses from collectables) may be reduced.                                                                         sections 245‑130 and 245‑135 of Schedule 2C to the Income Tax Assessment Act 1936
  4                                                       A company                          If it has a change of ownership or control during the income year, and has not carried on the same business, it works out its net capital gain and net capital loss in a special way.                                                   Subdivision 165‑CB
  5                                                       A company                          It cannot apply a net capital loss unless:                                                                                                                                                                                              Subdivision 165‑CA

                                                                                              the same people owned the company during both the loss year and the income year; and

                                                                                              no person controlled the company's voting power at any time during the income year who did not also control it during the whole of the loss year;

                                                                                             or the company has carried on the same business and commenced no additional business or new transactions.
  6                                                       A company                          If one or more of these things happen:                                                                                                                                                                                                  Division 175

                                                                                              a capital gain or loss is injected into it;

                                                                                              a tax benefit is obtained from its available net capital losses or current year capital losses;

                                                                                              a tax benefit is obtained because of its available capital gains;

                                                                                             the Commissioner can disallow its net capital losses or