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 620-25   Cost base and pre-CGT status of CGT asset for company  

620-25(1)    
This section applies to a *CGT asset if the body *disposes of it to the company because the body ceases to exist.

620-25(2)    
The first element of the *CGT asset ' s *cost base for the company is equal to the asset ' s cost base for the body in connection with the *disposal.

620-25(3)    
The first element of the *CGT asset ' s *reduced cost base for the company is worked out similarly.

620-25(4)    
If the body *acquired the *CGT asset before 20 September 1985, the company is taken to have acquired the CGT asset before that day.