Page 15 - F6 - Capital Gains Tax - Debt Reduction
P. 15
Effect For Debtor:
Capital asset Allowance asset
Asset no longer held @ date of debt reduction
The assessed capital loss is reduced Leads a recoupment ito s 19 of
with the “reduction amount” the Act
If assessed capital loss are reduced
by the “reduction amount” to R0 =
no capital gain (can only reduce
capital losses)
