Income Tax Assessment Act 1997

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Div 310 inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. No 19 of 2010 (as amended by No 147 of 2011, No 158 of 2012 and No 23 of 2018), s 3 and Sch 2 item 11 contains the following application provision:

Application provision  
11(1)
The amendments made by Parts 1 and 2 of this Schedule apply in relation to a transferring entity and a receiving entity if:

(a) the condition in subsection 310-10(3) , 310-15(3) or 310-20(3) of the Income Tax Assessment Act 1997 (as amended by this Schedule) for those entities is satisfied; and

(b) all the transfer events (if any) referred to in subsection 310-45(2) of that Act for those entities happen;

during the period starting on 24 December 2008 and ending at the end of 30 June 2011, or on or after 1 October 2011.

Note 1:

The effect of paragraph (1)(a) is that, subject to subitem (2), all of the members of the original fund will need to become members of a continuing fund during the period or on or after 1 October 2011.

Note 2:

The effect of paragraph (1)(b) is that, subject to subitem (2), the transferring fund needs to cease to hold all relevant assets during the period or on or after 1 October 2011.

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History

S 11(1) amended by No 49 of 2020, s 3 and Sch 2 items 4 and 5, by substituting " on or after 1 October 2011 " for " during the period starting on 1 October 2011 and ending at the end of 1 July 2020 " and substituting " the period or on or after 1 October 2011 " for " this period " in note 1 and 2, effective 1 July 2020. For application provisions, see note under s 310-1 .

11(2)
The amendments also apply in relation to a transferring entity and a receiving entity if:

(a) the condition in subsection 310-10(3) , 310-15(3) or 310-20(3) of the Income Tax Assessment Act 1997 (as amended by this Schedule) for those entities is satisfied during the period starting on 24 December 2008 and ending at the end of 30 September 2011; and

(b) all the transfer events (if any) referred to in subsection 310-45(2) of that Act for those entities happen during the period starting on 1 July 2010 and ending at the end of 30 September 2011.

Subdiv 310-D inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. For application provisions see note under Div 310 heading.

S 310-50 substituted by No 158 of 2012, s 3 and Sch 1 item 10, effective 1 October 2011. For application provisions see note under Div 310 heading. S 310-50 formerly read:

SECTION 310-50 Choosing the form of the assets roll-over  
310-50(1)
For those of the original assets that are not *revenue assets, the form of the roll-over is worked out as follows: Method statement

Step 1.

For the transfer events relating to those original assets:

(a) add up any *capital losses of the transferring entity for the events; and

(b) subtract any *capital gains of the transferring entity for the events.

Step 2.

If the result of step 1 is more than zero, the entity choosing the roll-over can choose either section 310-55 (global asset approach) or 310-60 (individual asset approach) to apply to those assets and the corresponding received assets.

Step 3.

Otherwise, section 310-60 (individual asset approach) applies to those original assets and the corresponding received assets.

310-50(2)
For those of the original assets that are *revenue assets, the form of the roll-over is worked out as follows: Method statement

Step 1.

For the transfer events relating to those original assets:

(a) add up any amounts the transferring entity would be able to deduct as a result of the events; and

(b) subtract any amounts that would be included in the transferring entity ' s assessable income as a result of the events.

Step 2.

If the result of step 1 is more than zero, the entity choosing the roll-over can choose either section 310-65 (global asset approach) or 310-70 (individual asset approach) to apply to those assets and the corresponding received assets.

Step 3.

Otherwise, section 310-70 (individual asset approach) applies to those original assets and the corresponding received assets.

S 310-50 inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. For application provisions see note under Div 310 heading.