Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 124 - Replacement-asset roll-overs  

Subdivision 124-D - Strata title conversion  

SECTION 124-190   Strata title conversion  

124-190(1)    
You can choose to obtain a roll-over if:

(a) you own property that gives you a right to occupy a unit in a building; and

(b) the building's owner subdivides it into *stratum units; and

(c) the owner transfers to you the stratum unit that corresponds to the unit you had the right to occupy just before the subdivision.

Note 1:

The roll-over consequences are set out in section 124-10 . The original asset is the property that gave you the right to occupy a unit in the building. The new asset is the stratum unit.

Note 2:

Section 103-25 tells you when you have to make the choice.

124-190(2)    
The first element of the *cost base and *reduced cost base of the *stratum unit includes any amount you paid to get it (which can include giving property: see section 103-5 ).

Note:

The rest of the first element is worked out under Subdivision 124-A .

124-190(3)    
A stratum unit is a lot or unit (however described in an *Australian law or a *foreign law relating to strata title or similar title) and any accompanying common property.