Document ID: chunk:federal_register_of_legislation:C2011C00698:clause:3_3:p5
Version: federal_register_of_legislation:C2011C00698
Segment Type: clause
Provision Reference: sch 3 cl 3 (pt 5/5)
Character Range: 40563–41800

the distribution (except to the extent that it represents a return of capital that you or your associate contributed in order for you to *acquire the asset); or
 (b) the amount of your gain or profit (if any) on the *CGT event.

 (3) Subsection (2) does not apply to the extent that the amount is included in your assessable income as:
 (a) *ordinary income under section 6‑5; or
 (b) *statutory income under a section of this Act, other than a provision in Part 3‑1 or 3‑3.

 (4) An amount to which subsection (2) applies is taken, for the purposes of the *income tax laws, to have a source in Australia. For the purposes of this subsection, disregard subsection (3).

 (5) You are entitled to a deduction for the income year for the amount of your loss (if any) on the *CGT event.

 (6) Subsection (5) does not apply to the extent that you can deduct the amount under another provision of this Act.

 (7) Subdivision 115‑C does not apply to the amount of a distribution mentioned in subparagraph (1)(f)(i) if:
 (a) that amount is included in your assessable income under subsection (2); or
 (b) an amount referable to that amount is included in your assessable income under Division 6 of Part III of the Income Tax Assessment Act 1936.