Income Tax Assessment Act 1997

Part 3-3 inserted by No 46 of 1998.

Div 124 inserted by No 46 of 1998.

Subdiv 124-H repealed by No 133 of 2014, s 3 and Sch 1 item 10, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in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S 124-455 repealed by No 133 of 2014, s 3 and Sch 1 item 10, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in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 124-455 formerly read:

SECTION 124-455 Redemption or cancellation of units in a unit trust for shares in a company  
124-455(1)
You can choose to obtain a roll-over if you are a member of a unit trust and under a *scheme for reorganising its affairs:

(a) a company *acquires no more than 5 units in the trust; and

(b) these are the first units that the company acquires in the trust; and

(c) you and at least one other entity (the exchanging members ) own all the remaining units in the trust; and

(d) the trustee redeems or cancels those remaining units; and

(e) each exchanging member receives *shares (and nothing else) in the company in return for their units being redeemed or cancelled;

Note:

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

and the requirements in sections 124-460 and 124-465 are satisfied.

Note:

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

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History

S 124-455(1) amended by No 12 of 2012, s 3 and Sch 2 item 4, by inserting the note at the end of para (e), applicable to CGT events happening after 7.30 pm (by legal time in the Australian Capital Territory) on 11 May 2010.

124-455(2)
The trustee of the unit trust can issue other units to the company as part of the scheme.

Note:

Some of the company ' s units in the unit trust may be taken to be acquired before 20 September 1985: see section 124-470 .

S 124-455 inserted by No 46 of 1998.