Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 345.10

             (1)  The modifications in subsection (2) apply if a * CGT event happens involving a * CGT asset that was owned by an * FHSA trust.

             (2)  These provisions do not apply to the * CGT event:

                     (a)  sections 6-5 (about * ordinary income);

                     (b)  section 8-1 (about amounts you can deduct);

                     (c)  sections 15-15 and 25-40 (about profit-making undertakings or plans).

Exceptions

             (3)  The provisions referred to in subsection (2) can apply to the * CGT event if:

                     (a)  any * capital gain or * capital loss from the event is attributable to currency exchange rate fluctuations; or

                     (b)  the * CGT asset is one of the following:

                              (i)  debenture stock, a bond, * debenture, certificate of entitlement, bill of exchange, promissory note or other security;

                             (ii)  a deposit with a bank, building society or other financial institution;

                            (iii)  a loan (secured or not);

                            (iv)  some other contract under which an entity is liable to pay an amount (whether the liability is secured or not).

             (4)  The provisions referred to in subsection (2) can also apply to the * CGT event if a * capital gain or * capital loss from the event is disregarded because of one of the provisions in this table: