Tax and Superannuation Laws Amendment (2014 Measures No. 6) Act 2014 (133 of 2014)

Schedule 1   Roll-overs for business restructures

Part 4   Application and transitional provisions

Income Tax (Transitional Provisions) Act 1997

41   Before Division 620

Insert:

Division 615 Roll-overs for business restructures

Table of Subdivisions

615-A Modifications for roll-overs between the 2011 and 2012 Budget times

Subdivision 615-A - Modifications for roll-overs between the 2011 and 2012 Budget times

Table of sections

615-5 Roll-overs between the 2011 and 2012 Budget times

615-10 Modifications - when additional consequences can apply

615-15 Modifications - trading stock

615-20 Modifications - revenue assets

615-5 Roll-overs between the 2011 and 2012 Budget times

Subdivision 615-C of the Income Tax Assessment Act 1997 applies to you with the modifications set out in this Subdivision if you chose to obtain a roll-over involving *shares or units that:

(a) were disposed of, redeemed or cancelled during the period:

(i) starting at 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011; and

(ii) ending immediately before 7.30 pm, by legal time in the Australian Capital Territory, on 8 May 2012; and

(b) were your trading stock, or revenue assets, at the time immediately before that disposal, redemption or cancellation.

615-10 Modifications - when additional consequences can apply

(1) Disregard subparagraph 615-45(a)(ii), and paragraph 615-45(b), of the Income Tax Assessment Act 1997 if the roll-over relates to *shares that were disposed of, redeemed or cancelled.

(2) Disregard paragraph 615-45(d) of that Act.

615-15 Modifications - trading stock

Substitute the following for subsection 615-50(2) of that Act:

(2) For each of the *shares in the interposed company that you acquired in return for those of your shares or units in the original entity that were your *trading stock at the time mentioned in paragraph 615-45(c), you are taken to have paid:

615-20 Modifications - revenue assets

Substitute the following for subsection 615-55(2) of that Act:

(2) For the purpose of calculating any profit or loss on a future disposal, cessation of ownership, or other realisation of a *share in the interposed company that you acquired in return for those of your shares or units in the original entity that were *revenue assets at the time mentioned in paragraph 615-45(c), you are taken to have paid: