Income Tax Assessment Act 1997

Part 3-3 inserted by No 46 of 1998.

Div 124 inserted by No 46 of 1998.

Subdiv 124-G repealed by No 133 of 2014, s 3 and Sch 1 item 10, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011.

S 124-360 repealed by No 133 of 2014, s 3 and Sch 1 item 10, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011. S 124-360 formerly read:

SECTION 124-360 Disposal of shares in one company for shares in another one  
124-360(1)
You can choose to obtain a roll-over if:

(a) you are a *member of a company (the original company ); and

(b) you and at least one other entity (the exchanging members ) own all the *shares in it; and

(c) under a *scheme for reorganising its affairs, the exchanging members *dispose of all their shares in it to another company (the interposed company ) in exchange for shares in the interposed company (and nothing else);

Note:

See section 124-20 if an exchanging member uses a share sale facility.

and the requirements in sections 124-365 and 124-380 are satisfied.

Note:

The roll-over consequences are set out in Subdivision 124-A . The original assets are your shares in the original company. The new assets are your new shares in the interposed company.

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History

S 124-360(1) amended by No 12 of 2012, s 3 and Sch 2 item 2, by inserting the note at the end of para (c), applicable to CGT events happening after 7.30 pm (by legal time in the Australian Capital Territory) on 11 May 2010.

124-360(2)
You are taken to have chosen to obtain the roll-over if:

(a) immediately before the time referred to in section 124-365 as the completion time, the original company is the *head company of a *consolidated group; and

(b) immediately after the completion time, the interposed company is the head company of the group.

Note:

The consolidated group continues in existence because of section 703-70 .

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History

S 124-360(2) inserted by No 117 of 2002.

S 124-360 inserted by No 46 of 1998.