S 124-910 repealed by No 109 of 2014, s 3 and Sch 10 item 38, effective 17 October 2014. S 124-910 formerly read:
SECTION 124-910 Rights roll-over (new owner)
124-910(1)
There is a roll-over if:
(a)
one or more intangible *CGT assets owned by a person (the
original owner
) cease to exist during the period beginning on 11 March 2002 and ending on 10 March 2004; and
(b)
the asset or assets cease to exist because of the termination of one or more contracts; and
(c)
the termination is directly connected with the original owner choosing that another person (the
new owner
) will conduct, in place of the original owner, the business of the original owner in relation to which Chapter 7 of the
Corporations Act 2001
(as amended by the
Financial Services Reform Act 2001
) is to apply; and
(d)
the new owner acquires one or more intangible CGT assets by entering into one or more contracts in substitution (whether wholly or partly) for the contract or contracts that were terminated; and
(e)
subsection (2) or (3) applies.
Note:
The period in paragraph (1)(a) may be extended in special circumstances: see section
124-930
.
124-910(2)
This subsection applies if the new owner and the original owner are members of the same *consolidatable group at the time that the new owner *acquires the *CGT asset or assets mentioned in paragraph (1)(d).
124-910(3)
This subsection applies if:
(a)
at the time that the new owner *acquires the *CGT asset or assets mentioned in paragraph (1)(d), all of the following apply:
(i)
the new owner is a company or a trust;
(ii)
if the new owner is a trust
-
*CGT event E4 is capable of applying to all of the units and interests in the trust;
(iii)
all of the *membership interests in the new owner are owned by the original owner; and
(b)
the original owner is an individual who, at the same time as, or just after, the new owner acquires the Australian financial services licence:
(i)
becomes an authorised representative (within the meaning of section 761A of the
Corporations Act 2001
) of the new owner; or
(ii)
becomes an employee of the new owner; or
(iii)
becomes a director (within the meaning of the
Corporations Act 2001
) of the new owner.
S 124-910 inserted by No 101 of 2004.
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