WebINCOME TAX ASSESSMENT ACT 1997 TABLE OF PROVISIONSLong Title CHAPTER 1--Introduction and core provisions PART 1-1--PRELIMINARYDivision 1--Preliminary1.1. … WebNov 9, 2024 · In relation to Subsection 110-25 (4) of the ITAA 1997 provides that the third element of the cost base of a CGT asset are the costs of owning the CGT asset. These costs include council rates, interest on loans to acquire the asset and costs of maintaining, repairing or insuring the asset.
Clough and s 40-880 expenditure - The Tax Institute
http://classic.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/ WebThe amount reasonably attributable to the cost of capital protection under Division 247 of the ITAA 1997, as worked out under paragraph 17(a) of this Ruling, is treated as the cost of the Put Option under subsection 247-20(6) of the ITAA 1997, and becomes part of the cost base of the Put Option under subsection 110-25(2) of the ITAA 1997. chans takeaway amesbury
PR 2008/35 Legal database
WebSep 30, 2024 · The objective of the CGT legislation is to determine the real cost of an asset as a basis to determine the capital gain or loss on the disposal of such asset. In many … WebNov 5, 2016 · To work out the cost base we need to know the costs for the 5 elements described under Section 110-25 of the ITAA 1997 which are: 1. Money paid or required to be paid for the asset. 2. Incidental costs of acquiring the asset, or costs in relation to the CGT event, for example, stamp duty, legal fees, tax advice, and so on. 3. WebINCOME TAX ASSESSMENT ACT 1997 - SECT 112.35 Assumption of liability rule If you * acquire a * CGT asset from another entity that is subject to a liability, the first element of your * cost base and * reduced cost base of the asset includes the amount of the liability you assume. Example: You acquire a block of land for $150,000. chans takeaway bristol