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-E - Exchange of shares or units  

SECTION 124-245  

124-245   Exchange of units in the same unit trust  
You can choose to obtain a roll-over if:

(a) you own units (the original units ) of a certain class in a unit trust; and

(b) the trustee redeems or cancels all units of that class; and

(c) the trustee issues you with new units (and you receive nothing else) in substitution for the original units; and

(d) the *market value of the new units just after they were issued is at least equal to the market value of the original units just before they were redeemed or cancelled; and

(e) one of these requirements is satisfied:

(i) you are an Australian resident at the time of the redemption or cancellation; or

(ii) if you are a foreign resident at that time - the original units were *taxable Australian property just before that time and the new units are taxable Australian property when they are issued.

Note:

The roll-over consequences are set out in Subdivision 124-A . The original assets are the original units. The new assets are the new units.