Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_10:p3
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 10 (pt 3/7)
Character Range: 169906–172527

any amount you have received as *recoupment of it, except so far as the amount is included in your assessable income.

110‑30  Cost base of partnership assets

 (1) Expenditure does not form part of the second or third element of the cost base for your interest in a *CGT asset of a partnership to the extent that you, or a partnership in which you are or were a partner, have deducted or can deduct it.

 (2) Expenditure does not form part of any element of the cost base for your interest in a *CGT asset of a partnership to the extent of any amount that you, or a partnership in which you are or were a partner, have received as *recoupment of it, except so far as the amount is included in your assessable income or the partnership's assessable income.

110‑35  Incidental costs

 (1) There are 5 incidental costs you may have incurred:

 (a) to *acquire a *CGT asset; or

 (b) that relate to a *CGT event.

 (2) The first is remuneration for the services of a surveyor, valuer, auctioneer, accountant, broker, agent, consultant or legal adviser. However, remuneration for professional advice about the operation of this Act is not included unless it is provided by a *recognised tax adviser.

Note: The requirement in subsection (2) that the professional advice be provided by a recognised tax adviser does not apply to expenditure incurred before 1 July 1989: see section 110‑35 of the Income Tax (Transitional Provisions) Act 1997.

 (3) The second is costs of transfer.

 (4) The third is stamp duty or other similar duty.

 (5) The fourth is:

 (a) if you *acquired a *CGT asset—costs of advertising to find a seller; or

 (b) if a *CGT event happened—costs of advertising to find a buyer.

 (6) The fifth is costs relating to the making of any valuation or apportionment for the purposes of this Part or Part 3‑3.

Subdivision 110‑B—Reduced cost base

Table of sections

110‑55 General rules about reduced cost base
110‑60 Reduced cost base for partnership assets

110‑55  General rules about reduced cost base

 (1) The reduced cost base of a *CGT asset consists of 5 elements. It does not include indexation of those elements.

5 elements of the reduced cost base

 (2) All of the elements (except the third one) of the reduced cost base of a *CGT asset are the same as those for the *cost base.

 (3) The third element is:

 (a) any amount included in your assessable income for any income year because of a balancing adjustment for the asset; and

 (b) any amount that would have been so included apart from any of these (which provide relief from including a balancing charge in