Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_14:p2
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 14 (pt 2/40)
Character Range: 32455–36750

the choice) prepare your *income tax returns is sufficient evidence of the making of the choice.

 (3) However, there are 2 exceptions: see subsections 124‑380(5) and 124‑465(5). These relate to *replacement‑asset roll‑over events where there is an interposed company. The company is required to make the choice at an earlier time specified in that subsection.

Note: This section is modified in calculating the attributable income of a CFC: see section 421 of the Income Tax Assessment Act 1936.

Division 104—CGT events

Table of Subdivisions

 Guide to Division 104

104‑A Disposals

104‑B Use and enjoyment before title passes

104‑C End of a CGT asset

104‑D Bringing into existence a CGT asset

104‑E Trusts

104‑F Leases

104‑G Shares

104‑H Special capital receipts

104‑I Australian residency ends

104‑J Reversals of roll‑overs

104‑K Other CGT events

Guide to Division 104

104‑1  What this Division is about

      This Division sets out all the CGT events for which you can make a capital gain or loss. It tells you how to work out if you have made a gain or loss from each event and the time of each event. It also contains exceptions for gains and losses for many events (such as the exception for CGT assets acquired before 20 September 1985) and some cost base adjustment rules.

104‑5  Summary of the CGT events

CGT events
Event number and description
                                                                           Time of event is:                                                                                                     Capital gain is:                                                                                                                                          Capital loss is:
A1  Disposal of a CGT asset                                                when disposal contract is entered into or, if none, when entity stops being asset's owner                             capital proceeds from disposal less asset's cost base                                                                                                     asset's reduced cost base less capital proceeds

[See section 104‑10]
B1  Use and enjoyment before title passes                                  when use of CGT asset passes                                                                                          capital proceeds less asset's cost base                                                                                                                   asset's reduced cost base less capital proceeds

[See section 104‑15]
C1  Loss or destruction of a CGT asset                                     when compensation is first received or, if none, when loss discovered or destruction occurred                         capital proceeds less asset's cost base                                                                                                                   asset's reduced cost base less capital proceeds

[See section 104‑20]
C2  Cancellation, surrender and similar endings                            when contract ending asset is entered into or, if none, when asset ends                                               capital proceeds from ending less asset's cost base                                                                                                       asset's reduced cost base less capital proceeds

[See section 104‑25]
C3  End of option to acquire shares etc.                                   when option ends                                                                                                      capital proceeds from granting option less expenditure in granting it                                                                                     expenditure in granting option less capital proceeds

[See section 104‑30]
D1  Creating contractual or other rights                                   when contract is entered into or right is created                                                                     capital proceeds from creating right less incidental costs of creating it                                                                                 incidental costs of creating right less capital proceeds

[See section 104‑35]
D2  Granting an option