Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p4
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 4/17)
Character Range: 242763–245519

if the asset was used to gain or produce *excluded exempt income or *exempt income subject to withholding tax.

Note: This section is disregarded:

                  * in calculating the attributable income of a trust: see section 102AAZB of the Income Tax Assessment Act 1936; and

                  * in calculating the attributable income of a CFC: see section 410 of that Act.

118‑13  Shares in a PDF

  A *capital gain or *capital loss you make from a *CGT event happening in relation to *shares in a *PDF is disregarded.

Exempt receipts

118‑15  Exempt capital receipts

  In working out your *net capital gain or *net capital loss for the income year, disregard:

 (a) compensation or damages you receive for any wrong or injury you suffer in your occupation; and

 (b) compensation or damages you receive for any wrong, injury or illness you or your *relative suffers personally; and

 (c) compensation you receive under the *firearms surrender arrangements; and

 (d) winnings or losses from gambling, a game or a competition with prizes; and

 (e) an amount you receive as reimbursement or payment of your expenses under one of these schemes established by an *Australian government agency:

 (i) the General Practice Rural Incentives Program;

 (ii) the Sydney Aircraft Noise Insulation Project.

Anti‑overlap provisions

118‑20  Reducing capital gains if amount otherwise assessable

 (1) A *capital gain you make from a *CGT event is reduced if, because of the event, a provision of this Act (outside of this Part) includes an amount (for any income year) in:

 (a) your assessable income or *exempt income; or

 (b) if you are a partner in a partnership, the assessable income or exempt income of the partnership.

 (1A) Subsection (1) applies to an amount that, under a provision of this Act (outside of this Part), is included in:

 (a) your assessable income or *exempt income; or

 (b) if you are a partner in a partnership, the assessable income or exempt income of the partnership;

in relation to a *CGT asset as if it were so included because of the *CGT event referred to in that subsection if the amount would also be taken into account in working out the amount of a *capital gain you make.

Note: An example is an amount assessable under Division 16E of Part III of the Income Tax Assessment Act 1936, which deals with accruals taxation of certain securities.

 (1B) The rule in subsection (1) does not apply to:

 (a) an amount that is taken to be a dividend under section 159GZZZP of the Income Tax Assessment Act 1936 (which relates to buy‑backs of *shares); or

 (b) an amount included in assessable income under section 160AQT of that Act (which relates to franked dividends).

 (2) The gain