INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

This Subdivision sets out the way in which roll-over relief is given to a taxpayer in respect of a year of income in which certain assets (roll-over assets) are disposed of by the taxpayer.

If certain threshold criteria and other conditions are satisfied, capital gains do not accrue in respect of the disposals and net roll-over amounts are worked out for the roll-over assets.

The taxpayer may then nominate certain replacement assets in respect of the net roll-over amounts and is to apportion the net roll-over amounts to replacement assets in accordance with various rules.

The amounts apportioned are taken to reduce the cost of the acquisition of the replacement assets.