ACC30005 Lecture Notes - Lecture 3: Capital Gains Tax, Ordinary Income, Tax Deduction
Document Summary
However, dealing in assets may amount to ordinary income if incidental to a business of selling assets or a taxpayer is speculating for profit. If capital receipts/gains are to be assessable under the itaa then this must be via a statutory income provision. Part 3-1 itaa97 brings to account capital gains and losses in determining assessable income. Section 102-5: your assessable income includes your net capital gain. Note: (1) this is a net figure (2) only a net capital gain is assessable, no deduction for losses. Cgt event s. 102-20 you can make a capital gain or loss only if a cgt event happens. Division 104 contains many specific cgt events, you must choose the most appropriate one s. 100-30 exceptions and exemptions may reduce the capital gain or loss or even disregard exempt assets, exempt transactions rollover deferrals. If current year capital gains do not exceed current year capital losses then there is no net capital gain for the year.
