Document ID: chunk:federal_register_of_legislation:C2025C00029:section:14:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 14 (pt 1/20)
Character Range: 1758254–1761157

14                                                        A CFC                                                                                                         In calculating the CFC's attributable income, pre‑1 July 1990 capital losses are disregarded.                                                                                                                                           section 409

Division 103—General rules

Guide to Division 103

103‑1  What this Division is about
      This Division sets out some general rules that apply to the provisions dealing with capital gains and capital losses.

Table of sections

Operative provisions
103‑5 Giving property as part of a transaction
103‑10 Entitlement to receive money or property
103‑15 Requirement to pay money or give property
103‑25 Choices
103‑30 Reduction of cost base etc. by net input tax credits

Operative provisions

103‑5  Giving property as part of a transaction
  There are a number of provisions in this Part and Part 3‑3 that say that a payment, cost or expenditure can include giving property.
  To the extent that such a provision does say that a payment, cost or expenditure can include giving property, use the *market value of the property in working out the amount of the payment, cost or expenditure.

103‑10  Entitlement to receive money or property
 (1) This Part and Part 3‑3 apply to you as if you had received money or other property if it has been applied for your benefit (including by discharging all or part of a debt you owe) or as you direct.
 (2) Those Parts apply to you as if you are entitled to receive money or other property:
 (a) if you are entitled to have it so applied; or
 (b) if:
 (i) you will not receive it until a later time; or
 (ii) the money is payable by instalments.

103‑15  Requirement to pay money or give property
  This Part and Part 3‑3 apply to you as if you are required to pay money or give other property even if:
 (a) you do not have to pay or give it until a later time; or
 (b) the money is payable by instalments.

103‑25  Choices
 (1) A choice you can make under this Part or Part 3‑3 must be made:
 (a) by the day you lodge your *income tax return for the income year in which the relevant *CGT event happened; or
 (b) within a further time allowed by the Commissioner.
 (2) The way you (and any other entity making the choice) prepare your *income tax returns is sufficient evidence of the making of the choice.
 (3) However, there are some exceptions:
 (aa) subsection 115‑230(3) (relating to assessment of *capital gains of resident testamentary trusts) requires a trustee to make a choice by the time specified in subsection 115‑230(5); and
 (b) subsections 152‑315(4) and (5) (relating to the small business retirement exemption) require a choice to be made in writing.
Note: This section is modified in calculating the attributable income of a CFC: