22 (Capital Gains Tax)[1]

Taxpayer owns pre cgt shares in a company or

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Taxpayer owns pre-CGT shares in a company or interests in a trust Another specified CGT event occurs in relation to the shares or interests No roll-over applies in relation to the CGT event The “75% post-85 asset test” is satisfied Time of CGT event is when other CGT event occurs Capital gain equal to that part of the capital proceeds reasonably attributable to the  amount by which market value of post-CGT property exceeds the cost base of that  property Main residence exemption Main residence exemption Capital gain or capital loss relating to an “ownership” interest in a “dwelling” that is  the taxpayer’s “main residence” is disregarded
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Special rules: Moving into a dwelling Separate CGT event for land Spouses with separate main residences Overlap when changing main residences Absences Building or renovating a dwelling Partial exemption Dwellings acquired from deceased estates Foreign residents Foreign residents Foreign residents disregard capital gains and losses from CGT events in relation to  CGT assets that are not  “taxable Australian property” Main forms of CGT assets that are taxable Australian property:  CGT assets that are “taxable Australian real property”  CGT assets that are “indirect Australian real property interests” CGT assets used in carrying on a business through “permanent establishment”  in Australia Deceased estates Deceased estates Capital gains or losses made on CGT assets owned just before death are generally  disregarded CGT asset is deemed to be acquired on the date of the deceased’s death for: Its market value (pre-CGT assets) Its cost base or reduced cost base (post-CGT assets)
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Joint tenants Joint tenants Deceased’s interest passes in equal shares to survivor(s): If post-CGT asset, 1 st  element of the cost base or reduced cost base is: If pre-CGT asset, 1 st  element of the cost base or reduced cost base is: CGT roll-overs CGT roll-overs CGT roll-overs result in the “deferral” of CGT Same asset roll-overs (transfer of asset from one taxpayer to another) CGT event does not generate CGT liability for transferor  CGT attributes of asset acquired by transferee Replacement asset roll-overs (replacing one asset with another) CGT event does not generate CGT liability CGT attributes of original asset applies to the new asset
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  • Fall '09
  • CGT event

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