Finance

Topics: Capital asset, Generally Accepted Accounting Principles, Taxation Pages: 2 (385 words) Published: May 8, 2013
|Step 1 | Did a CGT EVENT happen in the income year? See Div 104. | | |If yes, then go to step 2. | |Step 2 |Did the CGT event involve a CGT ASSET, or was there a CAPITAL RECEIPT? | | |See Div 108 for CGT assets ( If so, what kind of CGT asset is it? | | |See Div 109 for the timing of acquisition ( pre-CGT or post-CGT asset? | | |If yes, then go to step 3. | |Step 3 | Does an EXEMPTION apply? | | |Exempt assets | | |Collectables: acquisition cost $500 or less: s 118-10(1) | | |Personal use assets: acquisition cost $10,000 or less: s 118-10(3) | | |Cars, motorcycles or similar vehicles: s118-5(a) | | |Main residence exemption Subdivision 118-B | | |15 year exemption for Small Business Subdivision 152-B | | |If no exemptions apply, then go to step 4. | |Step 4 | Can the taxpayer DEFER the...
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