Document ID: chunk:federal_register_of_legislation:C2007A00078:clause:2_4
Version: federal_register_of_legislation:C2007A00078
Segment Type: clause
Provision Reference: sch 2 cl 4
Character Range: 13375–13862

4  At the end of Subdivision 118‑A
Add:

Boat capital gains

118‑80  Reduction of boat capital gain

  A *capital gain you make from a *CGT event happening in relation to a boat for an income year is reduced by an amount that is a quarantined amount for you for the income year under subsection 26‑47(2).

Note: Section 26‑47 denies deductions for the excess of boat expenditure over boat income.

Part 2—Consequential amendments

A New Tax System (Goods and Services Tax) Act 1999