ACCT2331 Chapter 19: Chapter 19
Document Summary
Depreciating assets excluded (dealt under div 40 instead) Taxpayers are not entitled to deductions for net capital losses (s102-10: but they can be carried forward to reduce net capital gains in future years (s102-15, offsetting issue [p476], quarantine issue [p477] and timing issue [p478] Key point: when determining discount capital gain, must only apply discount after apply capital losses. Net capital loss: cannot be claimed as a deduction, can be carried forward to offset against capital gains in future years. [p478] cgt events: capital gains and capital losses can only arise as a result of a "cgt event" (s102-20) [p479] timing and amount: most cgt events happen in relation to "cgt assets" [p480] exemption: some capital gains and capital losses are disregarded: steps involved in dealing with capital gain and loss [p479] 19. 4 cgt events overview (div104 itaa97: cgt events trigger capital gains and capital losses, over 50 different kinds of cgt events contained in div 104 itaa97 [p480-486]
