Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_14:p36
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 14 (pt 36/40)
Character Range: 121852–124554

a company, or the holder of a similar office under a *foreign law, as if the act had been done instead by the company.

Example: Ben, a liquidator of a company, sells a CGT asset of the company. Any capital gain or loss is made by the company, not by Ben.

Subdivision 106‑C—Absolutely entitled beneficiaries

106‑50  Absolutely entitled beneficiaries

  If you are absolutely entitled to a *CGT asset as against the trustee of a trust (disregarding any legal disability), this Part and Part 3‑3 apply to an act done by the trustee in relation to the asset as if you had done it.

Subdivision 106‑D—Security holders

106‑60  Acts by security holders

  This Part and Part 3‑3 apply to an act done by an entity (or an agent of the entity) in relation to a *CGT asset for the purpose of enforcing or giving effect to a security, charge or encumbrance the entity holds over the asset as if the act had been done instead by the person who provided the security.

Example: A lender sells property under a power of sale after the failure of the owner of the property to make payments on the loan. Any capital gain or loss is made by the owner of the property, not the lender.

Division 108—CGT assets

Table of Subdivisions

 Guide to Division 108

108‑A What a CGT asset is

108‑B Collectables

108‑C Personal use assets

108‑D Separate CGT assets

Guide to Division 108

108‑1  What this Division is about

      This Division defines the various categories of assets that are relevant to working out your capital gains and losses. They are CGT assets, collectables and personal use assets.

      It also tells you how capital losses from collectables and personal use assets are relevant to working out your net capital gain or loss.

      It also sets out when land, buildings and capital improvements are taken to be separate CGT assets.

Subdivision 108‑A—What a CGT asset is

Table of sections

108‑5 CGT assets
108‑7 Interest in CGT assets as joint tenants

108‑5  CGT assets

 (1) A CGT asset is:

 (a) any kind of property; or

 (b) a legal or equitable right that is not property.

 (2) To avoid doubt, these are CGT assets:

 (a) part of, or an interest in, an asset referred to in subsection (1);

 (b) goodwill or an interest in it;

 (c) an interest in an asset of a partnership;

 (d) an interest in a partnership that is not covered by paragraph (c).

Note 1: Examples of CGT assets are:

                  * land and buildings;

                  * shares in a company and units in a unit trust;

                  * options;

                  * debts owed to you;

                  * a right to enforce a contractual obligation;

                  *