Document ID: chunk:federal_register_of_legislation:C2024C00267:section:8:p16
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 8 (pt 16/48)
Character Range: 268185–270702

been acquired by the entity on 30 June 1991; and
 (f) the first element of the asset's cost base in the hands of the entity (at the end of that day) is its market value at that time.
Note: A prescribed person was a Territory resident, a Territory company or a trustee of a Territory trust, as defined by former sections 24C, 24D and 24E of the Income Tax Assessment Act 1936.
 (2) If:
 (a) an entity was a prescribed person (within the meaning of former Division 1A of Part III of the Income Tax Assessment Act 1936) because of residence in Norfolk Island on or before 23 October 2015; and
 (b) the entity acquired a CGT asset on or before that day; and
 (c) the asset is not a pre‑CGT asset; and
 (d) had a CGT event happened in relation to the asset immediately before 24 October 2015, any capital gain or capital loss from the event would have been disregarded because the entity was a prescribed person;
then Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997 apply in relation to the asset as if references in those Parts to 20 September 1985 were references to 24 October 2015.
 (3) Despite Division 121 of the Income Tax Assessment Act 1997, the entity is not required to keep records of:
 (a) the date of acquisition of an asset in relation to which subsection (1) of this section applies, or its cost base on 30 June 1991; or
 (b) the date of acquisition of an asset in relation to which subsection (2) of this section applies.
 (4) However, the entity may choose that subsection (1) does not apply in relation to an asset to which it would (apart from this subsection) apply if:
 (a) a CGT event happens in relation to the asset; and
 (b) as at the date on which it happens, the entity has complied with Division 121 of the Income Tax Assessment Act 1997 in relation to the asset.

Division 104—CGT events

Table of Subdivisions
104‑C End of a CGT asset
104‑D Bring into existence a CGT asset
104‑E Trusts
104‑G Shares
104‑I Australian residency ends
104‑J CGT events relating to roll‑overs
104‑K Other CGT events

Subdivision 104‑C—End of a CGT asset

Table of sections
104‑25 Cancellation, surrender and similar endings

104‑25  Cancellation, surrender and similar endings
  The capital proceeds from an ending referred to in subsection 104‑25(3) of the Income Tax Assessment Act 1997 in relation to shares are reduced by any amount that was taken into account as a capital gain for the shares under former section 160ZL of the Income Tax Assessment Act 1936 for the 1997‑98 income year or an earlier