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Accounting & Tax > Capital Gain Events > Flashcards

Capital Gain Events Flashcards

1
Q

A1

A

Disposal of a CGT asset

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2
Q

Disposal of a CGT asset

A

A1

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3
Q

B1

A

Use and enjoyment before title passes

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4
Q

Use and enjoyment before title passes

A

B1

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5
Q

C1

A

Loss or destruction of a CGT asset

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6
Q

Loss or destruction of a CGT asset

A

C1

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7
Q

C2

A

Cancellation, surrender and similar endings

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8
Q

Cancellation, surrender and similar endings

A

C2

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9
Q

C3

A

End of an option to acquire shares etc

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10
Q

End of an option to acquire shares etc

A

C3

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11
Q

D1

A

Creating contractual or other rights

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12
Q

Creating contractual or other rights

A

D1

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13
Q

D2

A

Granting an option

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14
Q

Granting an option

A

D2

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15
Q

D3

A

Granting a right to income from mining

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16
Q

Granting a right to income from mining

A

D3

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17
Q

D4

A

Entering into a conservation covenant

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18
Q

Entering into a conservation covenant

A

D4

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19
Q

E1

A

Creating a trust over a CGT asset

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20
Q

Creating a trust over a CGT asset

A

E1

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21
Q

E2

A

Transferring a CGT asset to a trust

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22
Q

Transferring a CGT asset to a trust

A

E2

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23
Q

E3

A

Converting a trust to a unit trust

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24
Q

Converting a trust to a unit trust

A

E3

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25
Q

E4

A

Capital payment for trust interest

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26
Q

Capital payment for trust interest

A

E4

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27
Q

E5

A

Beneficiary becoming entitled to a trust asset

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28
Q

Beneficiary becoming entitled to a trust asset

A

E5

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29
Q

E6

A

Disposal to a beneficiary to end an income right

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30
Q

Disposal to a beneficiary to end an income right

A

E6

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31
Q

E7

A

Disposal to a beneficiary to end capital interest

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32
Q

Disposal to a beneficiary to end capital interest

A

E7

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33
Q

E8

A

Disposal by a beneficiary of capital interest

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34
Q

Disposal by a beneficiary of capital interest

A

E8

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35
Q

E9

A

Creating a trust over future property

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36
Q

Creating a trust over future property

A

E9

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37
Q

E10

A

Annual cost base reduction exceeds cost base of interest in attribution managed investment trust (AMIT)

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38
Q

Annual cost base reduction exceeds cost base of interest in attribution managed investment trust (AMIT)

A

E10

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39
Q

F1

A

Granting a lease

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40
Q

Granting a lease

A

F1

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41
Q

F2

A

Granting a long-term lease

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42
Q

Granting a long-term lease

A

F2

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43
Q

F3

A

Lessor pays lessee to get lease changed

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44
Q

Lessor pays lessee to get lease changed

A

F3

45
Q

F4

A

Lessee receives payment for changing a lease

46
Q

Lessee receives payment for changing a lease

A

F4

47
Q

F5

A

Lessor receives payment for changing a lease

48
Q

Lessor receives payment for changing a lease

A

F5

49
Q

G1

A

Capital payment for shares

50
Q

Capital payment for shares

A

G1

51
Q

G3

A

Liquidator or administrator declares shares or financial instruments worthless

52
Q

Liquidator or administrator declares shares or financial instruments worthless

A

G3

53
Q

H1

A

Forfeiture of a deposit

54
Q

Forfeiture of a deposit

A

H1

55
Q

H2

A

Receipt for an event relating to a CGT asset

56
Q

Receipt for an event relating to a CGT asset

A

H2

57
Q

I1

A

Individual or company stops being an Australian resident

58
Q

Individual or company stops being an Australian resident

A

I1

59
Q

I2

A

Trust stops being a resident trust

60
Q

Trust stops being a resident trust

A

I2

61
Q

J1

A

Company stops being a member of a wholly owned group after a rollover

62
Q

Company stops being a member of a wholly owned group after a rollover

A

J1

63
Q

J2

A

Change in relation to a replacement asset or improved asset after a rollover under Subdivision 152-E

64
Q

Change in relation to a replacement asset or improved asset after a rollover under Subdivision 152-E

A

J2

65
Q

J4

A

Trust failing to cease to exist after rollover under Subdivision 124-N

66
Q

Trust failing to cease to exist after rollover under Subdivision 124-N

A

J4

67
Q

J5

A

Failure to acquire a replacement asset and to incur fourth element expenditure after a rollover under Subdivision 152­E

68
Q

Failure to acquire a replacement asset and to incur fourth element expenditure after a rollover under Subdivision 152­E

A

J5

69
Q

J6

A

Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain

70
Q

Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain

A

J6

71
Q

K1

A

As the result of an incoming international transfer of a Kyoto unit or an Australian carbon credit unit from your foreign account of your nominees foreign account, you start to hold the unit as a registered emissions unit

72
Q

As the result of an incoming international transfer of a Kyoto unit or an Australian carbon credit unit from your foreign account of your nominees foreign account, you start to hold the unit as a registered emissions unit

A

K1

73
Q

K2

A

Bankrupt pays an amount in relation to debt

74
Q

Bankrupt pays an amount in relation to debt

A

K2

75
Q

K3

A

Asset passing to a tax-advantaged entity

76
Q

Asset passing to a tax-advantaged entity

A

K3

77
Q

K4

A

CGT asset starts being trading stock

78
Q

CGT asset starts being trading stock

A

K4

79
Q

K5

A

Special capital loss from a collectable that has fallen in market value

80
Q

Special capital loss from a collectable that has fallen in market value

A

K5

81
Q

K6

A

Pre-CGT shares or trust interest

82
Q

Pre-CGT shares or trust interest

A

K6

83
Q

K7

A

Balancing adjustment occurs for a depreciating asset that you used for purposes other than taxable purposes

84
Q

Balancing adjustment occurs for a depreciating asset that you used for purposes other than taxable purposes

A

K7

85
Q

K8

A

Direct value shifts affecting your equity or loan interests in a company or trust

86
Q

Direct value shifts affecting your equity or loan interests in a company or trust

A

K8

87
Q

K9

A

Entitlement to receive payment of a carried interest

88
Q

Entitlement to receive payment of a carried interest

A

K9

89
Q

K10

A

You make a forex realisation gain as a result of forex realisation event 2 and item 1 of the table in subsection 775-70(1) applies

90
Q

You make a forex realisation gain as a result of forex realisation event 2 and item 1 of the table in subsection 775-70(1) applies

A

K10

91
Q

K11

A

You make a forex realisation loss as a result of forex realisation event 2 and item 1 of the table in subsection 775-75(1) applies

92
Q

You make a forex realisation loss as a result of forex realisation event 2 and item 1 of the table in subsection 775-75(1) applies

A

K11

93
Q

K12

A

Foreign hybrid loss exposure adjustment

94
Q

Foreign hybrid loss exposure adjustment

A

K12

95
Q

L1

A

Reduction under section 705-57 in tax cost setting amount of assets of entity becoming subsidiary member of consolidated group or multiple entry consolidated (MEC) group

96
Q

Reduction under section 705-57 in tax cost setting amount of assets of entity becoming subsidiary member of consolidated group or multiple entry consolidated (MEC) group

A

L1

97
Q

L2

A

Amount remaining after step 3A (of the table in section 705-60) of joining ‘allocable cost amount’ is negative

98
Q

Amount remaining after step 3A (of the table in section 705-60) of joining ‘allocable cost amount’ is negative

A

L2

99
Q

L3

A

Tax cost setting amounts for retained cost base assets exceed joining ‘allocable cost amount’

100
Q

Tax cost setting amounts for retained cost base assets exceed joining ‘allocable cost amount’

A

L3

101
Q

L4

A

No reset cost base assets against which to apply excess of net ‘allocable cost amount’ on joining

102
Q

No reset cost base assets against which to apply excess of net ‘allocable cost amount’ on joining

A

L4

103
Q

L5

A

Amount remaining after step 4 (of the table in section 711-20) of leaving ‘allocable cost amount’ is negative

104
Q

Amount remaining after step 4 (of the table in section 711-20) of leaving ‘allocable cost amount’ is negative

A

L5

105
Q

L6

A

Error in calculation of tax cost setting amount for joining entity’s assets

106
Q

Error in calculation of tax cost setting amount for joining entity’s assets

A

L6

107
Q

L8

A

Reduction in tax cost setting amount for reset cost base assets on joining cannot be allocated

108
Q

Reduction in tax cost setting amount for reset cost base assets on joining cannot be allocated

A

L8

Accounting & Tax (9 decks)

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