Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4
Character Range: 6607939–6609646

4                                                                 *down interests owned by you that have *pre‑shift gains                            up interests owned by other *affected owners

Note: If there is a taxing event generating a gain on a down interest, CGT event K8 happens: see section 104‑250. However, a capital gain you make under CGT event K8 is disregarded if the down interest:
• is your trading stock (see section 118‑25); or
• is a pre‑CGT asset (see subsection 104‑250(5)).

725‑250  Table of consequences for adjustable values of interests as CGT assets
 (1) The table in subsection (2) sets out consequences of the *direct value shift for the *adjustable values of *down interests and *up interests of which you are an *affected owner, in their character as *CGT assets.
 (2) To the extent that the *direct value shift is from *down interests specified in an item in the table to *up interests specified in that item:
 (a) the *adjustable value of each of those down interests is decreased by the amount worked out under the section (if any) specified for the down interests in the last column of that item; and
 (b) the adjustable value of each of those *up interests is uplifted by the amount worked out under the section (if any) specified for the up interests in that column.

Consequences of the direct value shift for adjustable values of CGT assets
Item                                                                        To the extent that the direct value shift is from:               To:                                                                                                                                          The decrease or uplift is worked out under: