Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_14:p22
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 14 (pt 22/40)
Character Range: 88350–90932

nil.

Exceptions

 (5) A *capital gain the lessee makes is disregarded if:

 (a) the lease was granted before 20 September 1985; or

 (b) for a lease that has been renewed or extended—the start of the last renewal or extension occurred before that day.

104‑130  Lessor receives payment for changing lease: CGT event F5

 (1) CGT event F5 happens if a lessor receives a payment from the lessee for agreeing to vary or waive a term of the lease.

  The payment can include giving property: see section 103‑5.

 (2) The time of the event is when the term is varied or waived.

 (3) The lessor makes a capital gain if the *capital proceeds from the event are more than the expenditure the lessor incurs in relation to the variation or waiver. The lessor makes a capital loss if those *capital proceeds are less.

Example: You own a shopping centre. The lessee of a shop in the centre pays you $10,000 for agreeing to change the terms of its lease. You incur expenses of $1,000 for a solicitor and $500 for a valuer. You make a capital gain of $8,500.

 (4) The expenditure can include giving property: see section 103‑5. However, it does not include an amount you have received as *recoupment of it and that is not included in your assessable income.

Exceptions

 (5) A *capital gain or *capital loss the lessor makes is disregarded if:

 (a) the lease was granted before 20 September 1985; or

 (b) for a lease that has been renewed or extended—the start of the last renewal or extension occurred before that day.

Subdivision 104‑G—Shares

Table of sections

104‑135 Capital payment for shares: CGT event G1
104‑140 Shifts in share values: CGT event G2
104‑145 Liquidator declares shares worthless: CGT event G3

104‑135  Capital payment for shares: CGT event G1

 (1) CGT event G1 happens if:

 (a) a company makes a payment to you for a *share you own in the company (except for *CGT event A1 or C2 happening in relation to the share); and

 (b) some or all of the payment (the non‑assessable part) is not a *dividend, or an amount that is taken to be a dividend under section 47 of the Income Tax Assessment Act 1936.

  The payment can include giving property: see section 103‑5.

 (2) The time of the event is when the company makes the payment.

 (3) You make a capital gain if the amount of the non‑assessable part is more than the *share's *cost base. If you make a *capital gain, the share's *cost base and *reduced cost base are reduced to nil.

Note: You cannot make a capital loss.

 (4) However, if the amount of the non‑assessable part is