S 124-895 repealed by No 109 of 2014, s 3 and Sch 10 item 38, effective 17 October 2014. S 124-895 formerly read:
SECTION 124-895 Consequences of a same owner roll-over
124-895(1)
In each situation covered by section
124-880
,
124-885
or
124-890
, where:
(a)
your ownership of one or more *CGT assets (the
original asset or assets
) comes to an end; and
(b)
you acquire one or more CGT assets (the
replacement asset or assets
);
the consequences of that section applying are the consequences specified in Subdivision
124-A
, with the modifications set out below.
124-895(2)
The first element of the *cost base and *reduced cost base of each replacement asset includes any amount you paid to get the replacement asset (which can include giving property: see section
103-5
). This subsection does not apply if subsection (3) applies.
Note:
If subsection (3) applies, any amount you paid to get the replacement asset is included in the cost base and reduced cost base by subsection (5).
124-895(3)
In a situation where subsection
124-15(5)
would otherwise apply (where you *acquired some original assets before 20 September 1985 and some on or after that date), use subsections (4) to (7) of this section instead of subsections
124-15(5)
and (6).
124-895(4)
Each replacement asset, or part of a replacement asset, to the extent that it relates to one or more original assets that were *acquired before 20 September 1985, is taken to be:
(a)
a separate asset; and
(b)
acquired before 20 September 1985.
124-895(5)
The first element of the *cost base of each replacement asset that you are not taken to have *acquired before 20 September 1985 is the sum of:
(a)
the amount worked out under the formula in subsection (6); and
(b)
either:
(i)
any amount you paid to get the replacement asset (which can include giving property: see section
103-5
); or
(ii)
for a replacement asset, part of which is treated as a separate asset under subsection (4)
-
such part of any amount you paid to get the asset (which can include giving property: see section
103-5
) as is reasonably attributable to the part of the asset that you are not taken to have acquired before 20 September 1985.
124-895(6)
The formula is:
The total of the *cost bases of the original assets that
you *acquired on or after 20 September 1985
The number of replacement assets that you are not taken to have
*acquired before 20 September 1985 |
Note:
If an original asset is an old licence that ceases to have effect only partly, subsection (8) modifies this formula.
124-895(7)
The first element of each replacement asset's *reduced cost base is worked out similarly.
124-895(8)
If, in a situation covered by section
124-880
, an old licence mentioned in that section ceases to have effect only partly, then:
(a)
a reference in Subdivision
124-A
to the original asset's *cost base; and
(b)
the reference in subsection (6) of this section to the total of the *cost bases of the original assets;
is taken to be a reference to such part of the cost base of the old licence as is reasonably attributable to the part of the old licence that ceases to have effect.
S 124-895 inserted by No 101 of 2004.
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