Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The * total net forgiven amount (if any) remaining after being applied under sections 245 - 115, 245 - 130 and 245 - 145 is applied, to the maximum extent possible, in reduction, in accordance with sections 245 - 180 to 245 - 190, of the * cost base and * reduced cost base of your * CGT assets.
(2) Subsection (1) does not apply to the following * CGT assets:
(a) a * pre - CGT asset;
(b) a CGT asset you * acquire after the start of the * forgiveness income year;
(c) a * personal use asset;
(d) a * dwelling that was your main residence at any time before the forgiveness income year;
(e) goodwill;
(f) a right of yours covered by section 118 - 305 (which exempts from CGT certain rights relating to a superannuation fund or approved deposit fund);
(g) a CGT asset that, throughout the period before the forgiveness income year when it was owned by you, was your * trading stock;
(h) a CGT asset if:
(i) expenditure by you (of a kind which is subject to reduction under section 245 - 145) relates to the asset; and
(ii) a * CGT event in relation to the asset would result in an amount being included in your assessable income, or in you being able to deduct an amount;
(i) if you are a foreign resident at the beginning of the forgiveness income year--an asset of yours that is not * taxable Australian property.