Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-80 - ROLL-OVERS APPLYING TO ASSETS GENERALLY  

Division 620 - Assets of wound-up corporation passing to corporation with not significantly different ownership  

Subdivision 620-A - Corporations covered by Subdivision 124-I  

CGT consequences

SECTION 620-20   Disregard body ' s capital gains and losses from CGT assets  

620-20(1)    
This section applies if:

(a) the body *disposes of a *CGT asset to the company because the body ceases to exist; or

(b) another *CGT event happens to a CGT asset of the body because the body ceases to exist.

620-20(2)    
A *capital gain or a *capital loss the body makes from the *CGT asset is disregarded.