Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:15_19:p4
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 15 cl 19 (pt 4/4)
Character Range: 432517–433847

on hand at the start of the income year;
as appropriate, is increased by the same amount.
[The next section is section 977‑50.]

Revenue assets

977‑50  Meaning of revenue asset
  A *CGT asset is a revenue asset if, and only if:
 (a) the profit or loss on your disposing of the asset, ceasing to own it, or otherwise realising it, would be taken into account, in calculating your assessable income or *tax loss, otherwise than as a *capital gain or *capital loss; and
 (b) the asset is neither *trading stock nor a *depreciating asset.

 977‑55  Loss or gain realised for income tax purposes
  For a *revenue asset:
 (a) disposing of, ceasing to own, or otherwise realising, the asset is a realisation event; and
 (b) a loss is realised for income tax purposes by the *realisation event if, and only if, there is a loss on the event; and
 (c) a gain is realised for income tax purposes by the realisation event if, and only if, there is a profit on the event; and
 (d) the loss or profit on the event is the loss or gain realised for income tax purposes; and
 (e) if a provision of this Act reduces the loss or gain that would, apart from that provision, be realised for income tax purposes by the event, the loss or profit to be taken into account in calculating your assessable income or *tax loss is reduced by the same amount.