Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p26
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 26/27)
Character Range: 69968–72574

property; or
 (b) a discount capital gain from a CGT asset that is not taxable Australian property.
 (4) For the purposes of subsection (2), treat the amount of the increase as being double what it would be apart from this subsection.
 (5) If that character relates to *exempt income, treat the amount of the increase as exempt income of the trust for the discovery year.
 (6) If that character relates to *non‑assessable non‑exempt income, treat the amount of the increase as non‑assessable non‑exempt income of the trust for the discovery year.
 (7) If that character relates to a *tax offset, treat the amount of the increase as a tax offset of the trust for the discovery year of a kind corresponding to that character (in addition to any other tax offsets of that kind that the trust may have for the discovery year).

276‑820  Effect of decrease
 (1) This section applies if there is a decrease as mentioned in paragraph 276‑810(2)(b).
 (2) If the character mentioned in subsection 276‑810(2) relates to assessable income:
 (a) in the case of a character of:
 (i) a *discount capital gain from a *CGT asset that is *taxable Australian property; or
 (ii) a discount capital gain from a CGT asset that is not taxable Australian property;
  treat half the amount of the decrease as a *capital loss of the trust for the discovery year; or
 (b) in the case of a character of:
 (i) a *capital gain (other than a discount capital gain) from a CGT asset that is taxable Australian property; or
 (ii) a capital gain (other than a discount capital gain) from a CGT asset that is not taxable Australian property;
  treat the amount of the decrease as a capital loss of the trust for the discovery year; or
 (c) in any other case—treat the amount of the decrease as a deduction of the trust for the discovery year.
 (3) If that character relates to *exempt income, treat the amount of the decrease as reducing the exempt income of the trust for the discovery year.
 (4) If that character relates to *non‑assessable non‑exempt income, treat the amount of the decrease as reducing the non‑assessable non‑exempt income of the trust for the discovery year.
 (5) If that character relates to a *tax offset, treat the amount of the decrease as reducing the tax offset or offsets (the existing offset or offsets) of the trust for the discovery year of a kind corresponding to that character.
 (6) If that character relates to a *tax offset and exceeds the total of the existing offset or offsets (before the reduction under subsection (5)):
 (a) unless paragraph (b) applies—the trustee is liable to pay tax at the rate