CGT EVENTS
Quiz reflection
.A1- Disposal of a CGT asset,B1- Use and enjoyment before title passes
End of a CGT asset C1- Loss or destruction of a CGT asset,C2- Cancellation, surrender and similar endings,C3 End of an option to acquire shares
Bringing a CGT asset into existence- D1Creating contractual or other rights, D2 Granting an option
Trusts- E1- Creating a trust over a CGT asset, E2- Transferring a CGT asset to a trust E4 capital payment for trust intrestE5 Beneficiary becoming entitled to a trust assetE6 Disposal to beneficiary to end income rightE7 Disposal to beneficiary to end capital interestE8 Disposal by beneficiary of capital interest Leases- F1 Granting a lease,F2 Granting a long-term lease,F3 Lessor pays lessee to get lease changed, F4 Lessee receives payment for changing a lease, F5 Lessor receives payment for changing a lease G1 Capital payment for shares
CG< 12mnths, CG frozn indextin, CG with discount (–) this yr loss- prior loss apply any discount
If dividends are issued with the shares brought pre CGT, these shares will be post CGT . eg-On 1 July, issued dividends of $10,000 which it satisfied with the issue of 10,000 shares. Bought the original shares on 10 January 1985 for $50,000.These shares are deemed to be post-CGT shares. As received an assessable dividend the bonus shares are deemed to have been acquired on 1 July CY for $10,000 and will therefore be considered to be post-CGT shares. On 1 July of the current year issued 10,000 shares worth $10,000. Will be deemed to have acquired the shares on 10 January 1985 (pre-CGT Shares) for 0.The cost base of all shares is 50,000. Did not pay for the shares, the new shares are deemed to have been acquired at the time of the original shares and the cost of the original shares will be spread over all the shares. See s.130-20
Seminar reflection
Value-shifting is a result of a transaction between two parties that is not at market value, the value of an equity or loan interest is increased
.A1- Disposal of a CGT asset,B1- Use and enjoyment before title passes
End of a CGT asset C1- Loss or destruction of a CGT asset,C2- Cancellation, surrender and similar endings,C3 End of an option to acquire shares
Bringing a CGT asset into existence- D1Creating contractual or other rights, D2 Granting an option
Trusts- E1- Creating a trust over a CGT asset, E2- Transferring a CGT asset to a trust E4 capital payment for trust intrestE5 Beneficiary becoming entitled to a trust assetE6 Disposal to beneficiary to end income rightE7 Disposal to beneficiary to end capital interestE8 Disposal by beneficiary of capital interest Leases- F1 Granting a lease,F2 Granting a long-term lease,F3 Lessor pays lessee to get lease changed, F4 Lessee receives payment for changing a lease, F5 Lessor receives payment for changing a lease G1 Capital payment for shares
CG< 12mnths, CG frozn indextin, CG with discount (–) this yr loss- prior loss apply any discount
If dividends are issued with the shares brought pre CGT, these shares will be post CGT . eg-On 1 July, issued dividends of $10,000 which it satisfied with the issue of 10,000 shares. Bought the original shares on 10 January 1985 for $50,000.These shares are deemed to be post-CGT shares. As received an assessable dividend the bonus shares are deemed to have been acquired on 1 July CY for $10,000 and will therefore be considered to be post-CGT shares. On 1 July of the current year issued 10,000 shares worth $10,000. Will be deemed to have acquired the shares on 10 January 1985 (pre-CGT Shares) for 0.The cost base of all shares is 50,000. Did not pay for the shares, the new shares are deemed to have been acquired at the time of the original shares and the cost of the original shares will be spread over all the shares. See s.130-20
Seminar reflection
Value-shifting is a result of a transaction between two parties that is not at market value, the value of an equity or loan interest is increased