Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 103.30

    Reduce the * cost base and * reduced cost base of a * CGT asset, and any other amount that could be involved in the calculation of an entity's * capital gain or * capital loss, by the amount of any * net input tax credit of the entity in relation to that amount.

Example:   The other amount could be expenditure in the case of some CGT events (see, for example, CGT event D1).

Note:   Subsection   116 - 20(5) deals with the effect of net GST on supplies for the purposes of capital proceeds.

Table of Subdivisions

  Guide to Division   104

104 - A   Disposals

104 - B   Use and enjoyment before title passes

104 - C   End of a CGT asset

104 - D   Bringing into existence a CGT asset

104 - E   Trusts

104 - F   Leases

104 - G   Shares

104 - H   Special capital receipts

104 - I   Australian residency ends

104 - J   CGT events relating to roll - overs

104 - K   Other CGT events

104 - L   Consolidated groups and MEC groups