Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.77

  (1)   A * capital gain or * capital loss you make is disregarded if:

  (a)   you are an * Indigenous person or an * Indigenous holding entity; and

  (b)   you make the gain or loss because one of the following things happens in relation to a * CGT asset mentioned in subsection   (2):

  (i)   you transfer the CGT asset to one or more entities that are either Indigenous persons or Indigenous holding entities;

  (ii)   you create a trust, that is an Indigenous holding entity, over the CGT asset;

  (iii)   your ownership of the CGT asset ends, resulting in * CGT event C2 happening in relation to the CGT asset.

  (2)   The * CGT assets are as follows:

  (a)   * native title;

  (b)   the right to be provided with a * native title benefit.

Note:   Paragraph   (a) does not require a determination of native title under the Native Title Act 1993 .