Document ID: chunk:federal_register_of_legislation:C2020C00244:clause:2_1:p9
Version: federal_register_of_legislation:C2020C00244
Segment Type: clause
Provision Reference: sch 2 cl 1 (pt 9/11)
Character Range: 53560–56253

which this section applies, the transferring entity's *capital proceeds from the relevant transfer event are taken to be an amount equal to:
 (a) if, apart from this subsection, the event would result in a *capital gain—the asset's *cost base just before the event; or
 (b) if, apart from this subsection, the event would result in a *capital loss—the asset's *reduced cost base just before the event.
Note: This section only applies if it is chosen to apply under subsection 310‑50(1).

Consequences for receiving entity
 (2) For each of the received assets to which this section applies, the first element of the *cost base of the asset (in the hands of the receiving entity) is taken to be an amount equal to the cost base of the corresponding original asset just before the relevant transfer event.
 (3) For each of the received assets to which this section applies, the first element of the *reduced cost base of the asset (in the hands of the receiving entity) is taken to be an amount equal to the reduced cost base of the corresponding original asset just before the relevant transfer event.

310‑60  CGT assets—individual asset approach

Consequences for transferring entity
 (1) The transferring entity may disregard any *capital loss for a transfer event relating to an original asset to which this section applies.
Note: This section does not apply if section 310‑55 (global asset approach) is chosen to apply under subsection 310‑50(1).
 (2) Subsections (3), (4) and (5) apply if under subsection (1) the transferring entity disregards a *capital loss for a transfer event relating to an original asset.
 (3) The transferring entity's *capital proceeds from the transfer event are taken to be an amount equal to the *reduced cost base of the original asset just before the event.

Consequences for receiving entity
 (4) The first element of the *cost base of the corresponding received asset (in the hands of the receiving entity) is taken to be an amount equal to the cost base of the original asset just before the event.
 (5) The first element of the *reduced cost base of the corresponding received asset (in the hands of the receiving entity) is taken to be an amount equal to the reduced cost base of the original asset just before the event.

310‑65  Revenue assets—if global asset approach chosen

Consequences for transferring entity
 (1) For each of the original assets to which this section applies, the transferring entity's gross proceeds for the relevant transfer event are taken to be the amount (the deemed proceeds) the transferring entity would need to have received in order to have a nil profit and nil loss for the event.
Note: This section only applies if it