Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:15_6
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 15 cl 6
Character Range: 422240–423096

6  After section 104‑245
Insert:

104‑250  Direct value shifts
 (1) CGT event K8 happens if there is a *taxing event generating a gain for a *down interest under section 725‑245.
Note: That section sets out some of the CGT consequences of a direct value shift for affected owners of down interests. See also the rest of Division 725.
 (2) The time of the event is the *decrease time for the *down interest.
 (3) You make a capital gain equal to the gain generated for the taxing event.
Note: You cannot make a capital loss.
 (4) If, because of the same *direct value shift, there are 2 or more *taxing events generating a gain that are covered by subsection (1), CGT event K8 happens for each of those taxing events, and you make a separate capital gain for each.

Exceptions
 (5) A *capital gain is disregarded if the *down interest is a *pre‑CGT asset.