Commonwealth of Australia Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 104.20

             (1)  CGT event C1 happens if a * CGT asset you own is lost or destroyed.

Note:          This event can apply to part of a CGT asset: see section 108- 5 (definition of CGT asset ).

             (2)  The time of the event is:

                     (a)  when you first receive compensation for the loss or destruction; or

                     (b)  if you receive no compensation--when the loss is discovered or the destruction occurred.

             (3)  You make a capital gain if the * capital proceeds from the loss or destruction are more than the asset's * cost base. You make a capital loss if those capital proceeds are less than the asset's * reduced cost base.

Exception

             (4)  A * capital gain or * capital loss you make is disregarded if you * acquired the asset before 20 September 1985.