Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:4_5:p3
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 4 cl 5 (pt 3/4)
Character Range: 300185–302942

$4,000 by $500. This is less than the maximum excluded amount of $1,000. David therefore reduces his original non‑assessable by $500 and includes only $4,000 as a non‑assessable part under section 104‑70.

Effect of previous payments from proceeds of the trust gain

 (7) Subsections (5) and (6) apply differently if before the actual payment, the trustee made:
 (a) a payment to you to which section 104‑70 applied and all or some of the non‑assessable part of which was attributable to proceeds from the trust gain (whether or not the non‑assessable part was reduced by subsection (6) of this section); or
 (b) 2 or more payments of that kind.

Reducing the concession amount if you have received previous payments

 (8) The concession amount is reduced (but not below 0) by the non‑assessable part of each previous payment of that kind (as reduced under subsection (6), if it was reduced).

Example: David receives another payment that is attributable to the proceeds from the same trust gain.

 In applying this section to the second payment, he therefore reduces his concession amount of $4,000 to nil because of the $4,000 non‑assessable part (as reduced under subsection (6)) of the first payment.

Reducing the maximum excluded amount if you have reduced previous non‑assessable parts

 (9) The maximum excluded amount is reduced (but not below 0) by the amount (if any) by which the non‑assessable part of each previous payment was reduced by subsection (6). If the maximum excluded amount is reduced to 0, the original non‑assessable part of the actual payment is not reduced.

Example: In applying this section to David's second payment, the maximum excluded amount of $1,000 is reduced by $500 (the amount by which the original non‑assessable part of the first payment was reduced under subsection (6)). His maximum excluded amount becomes $500.

104‑72  Reducing your capital gain under CGT event E4 if you are a trustee

 (1) A *capital gain you make under subsection 104‑70(4) is reduced if:
 (a) you are the trustee of another trust that is a *fixed trust; and
 (b) you are taken to have a *capital gain under paragraph 115‑215(3)(b) or (c) (your notional gain) in respect of a corresponding trust gain (the trust gain); and
 (c) all or some (the attributable amount) of the total of the non‑assessable parts referred to in subsection 104‑70(4) is attributable to proceeds from the trust gain.

 (2) The *capital gain is reduced (but not below 0) by the lesser of:
 (a) your notional gain; and
 (b) the attributable amount.

Effect of previous reduction under this section

 (3) Subsection (2) applies differently if, because of your notional gain, this section has previously reduced a *capital gain you made under subsection 104‑70(4)