Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:2_162
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 2 cl 162
Character Range: 791606–792283

162  Subsection 110(1)
Insert:

non‑exempt ordinary capital gain for a notional CGT event means any capital gain that would (apart from this Division) arise from the event, reduced as follows:

 (a) if, had the gain instead been ordinary income derived when the gain was made, some or all of the ordinary income would have been exempt income under section 112C:

 (i) reduce the gain by so much of that ordinary income as would have been so exempt; and

 (ii) further reduce the rest of the gain (if any) by the proportion worked out using the formula in section 112A; and

 (b) otherwise—reduce the gain by the proportion worked out using the formula in section 112A.