Document ID: chunk:federal_register_of_legislation:C2025C00029:section:10:p4
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 10 (pt 4/8)
Character Range: 2129390–2131844

*cost bases of the *CGT assets the company or trust owned at the time of the event.
Note: Sections 115‑30 and 115‑32, or section 115‑34, may affect the time when the company or trust is treated as having acquired a CGT asset.

Net capital gain on entity's new assets would be more than 50% of net capital gain on all the entity's assets
 (5) The third condition is that the amount worked out under subsection (6) is more than half of the amount worked out under subsection (7).
 (6) Work out the amount that would be the *net capital gain of the company or trust for the income year if:
 (a) just before the *CGT event, the company or trust had *disposed of all of the *CGT assets that it owned then and had *acquired less than 12 months before the *CGT event; and
 (b) it had received the *market value of those assets for the disposal; and
 (c) the company or trust did not have any *capital gains or *capital losses from *CGT events other than the disposal; and
 (d) the company or trust did not have a *net capital loss for an earlier income year.
Note: Sections 115‑30 and 115‑32, or section 115‑34, may affect the time when the company or trust is treated as having acquired a CGT asset.
 (7) Work out the amount that would be the *net capital gain of the company or trust for the income year if:
 (a) just before the *CGT event, the company or trust had *disposed of all of the *CGT assets that it owned then; and
 (b) it had received the *market value of those assets for the disposal; and
 (c) all of the *capital gains and *capital losses from those assets were taken into account in working out the net capital gain, despite any rules providing that one or more of those capital gains or losses are not to be taken into account in working out the net capital gain; and
 (d) the company or trust did not have any *capital gains or *capital losses from *CGT events other than the disposal; and
 (e) the company or trust did not have a *net capital loss for an earlier income year.

115‑50  Discount capital gain from equity in certain entities

Capital gain from share in company with 300 members
 (1) Section 115‑45 does not prevent a *capital gain from a *CGT event happening to a *share in a company with at least 300 *members from being a *discount capital gain, unless subsection (3) or (6) applies in relation to the company.

Capital gain from interest in fixed trust with 300 beneficiaries
 (2) Section 115‑45 does not prevent a *capital