Document ID: chunk:federal_register_of_legislation:C2010C00679:section:1987:p3
Version: federal_register_of_legislation:C2010C00679
Segment Type: section
Provision Reference: s 1987 (pt 3/51)
Character Range: 16761–19295

141, 1987); No. 52,
1986 (as amended by No. 141, 1987); No. 90, 1986 (as amended by No. 141,
1987); Nos. 23, 58, 61, 120, 145 and 163, 1987; No. 62, 1987 (as amended by
No. 108, 1987); No. 108, 1987 (as amended by No. 138, 1987); No. 138, 1987 (as
amended by No. 11, 1988); No. 139, 1987 (as amended by Nos. 11 and 78, 1988);
Nos. 8, 11, 59, 75, 78, 80, 87, 95, 97, 127 and 153, 1988; Nos. 2, 11, 56, 70,
73, 105, 107, 129, 163 and 167, 1989; No. 97, 1989 (as amended by No. 105,
1989); Nos. 20, 35, 45, 57, 58, 60, 61, 87, 119 and 135, 1990; Nos. 4, 5, 6,
48, 55, 100, 203, 208 and 216, 1991; and Nos. 3, 35, 70, 80, 81, 92, 98 and
101, 1992.

Division 2 - Amendments to improve the readability of the capital gains
tax provisions

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 4
Heading to Division 1 of Part IIIA

  4. The heading to Division 1 of Part IIIA of the Principal Act is amended by
omitting "Interpretation" and substituting "Preliminary".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 5

  5. Before section 160A of the Principal Act the following Subdivision and
heading are inserted:
  "Subdivision A - Object, simplified outline, example and index
Object
  "160AX. The object of this Part is to provide for net capital gains to be
included in assessable income (see section 160ZO).
Simplified outline of scheme of Part
(Simplified outline)
  "160AY.(1) The following is a simplified outline of the scheme of this Part.
(Step 1 - disposal of an asset)
  "(2) This Part applies if a taxpayer disposes of an asset.  For a basic
definition of 'asset', see section 160A.  The taxpayer must have acquired the
asset on or after 20 September 1985 and the disposal of the asset must occur
on or after that date (see section 160L).  160M is the basic provision
defining 'disposal' and 'acquisition'.  The timing of disposal and acquisition
is dealt with by section 160U. There are various exemptions, including the
principal residence exemption (see the Exemptions Sub Index in section
160AZA).  There are also various provisions giving roll-over relief on the
disposal of assets (see the Roll-overs Sub Index in section 160AZA).
(Step 2 - disposal of asset may result in a capital gain or a capital loss)
  "(3) The disposal of the asset may result in a capital gain or capital loss
(see section 160Z).
  Capital gain - asset owned for 12 months or more
            Consideration         Indexed cost
            in respect of    -    base of        =    Capital gain
            disposal