Income Tax Assessment Act 1997
SECTION 360-65 Separate modified CGT treatment for roll-overs about wholly-owned companies or scrip for scrip roll-overs 360-65(1)
If:
(a) a *share mentioned in subsection 360-50(1) has been continuously held by the entity mentioned in that subsection; and
(b) then:
(i) the share, or interests in the share, are *disposed of in a way that gives rise to a trigger event (see section 122-15 or 122-125 ) for a roll-over under Division 122 ; or
(ii) the share becomes the original interest (see paragraph 124-780(1)(a) ) for a roll-over under Subdivision 124-M ; and
(c) the roll-over happens on or after the first anniversary, but before the tenth anniversary, of the issue of the share;
the *first element of the *cost base and *reduced cost base of the share just before the roll-over is taken to be its *market value at that time.
Note:
This subsection is a separate modified CGT treatment, and not a continuation of the modifications made by section 360-50 .
360-65(2)
If:
(a) an asset mentioned in paragraph 360-60(2)(a) for a roll-over has been continuously held by the entity that *acquired that asset for that roll-over; and
(b) then:
(i) that asset, or interests in that asset, are *disposed of in a way that gives rise to a trigger event (see section 122-15 or 122-125 ) for a roll-over under Division 122 ; or
(ii) that asset becomes the original interest (see paragraph 124-780(1)(a) ) for a roll-over under Subdivision 124-M ; and
(c) the later roll-over happens on or after the first anniversary, but before the tenth anniversary, of the issue of the original share (see subsection 360-60(2) for the earlier roll-over;
the *first element of the *cost base and *reduced cost base of that asset just before the later roll-over is taken to be its *market value at that time.
Note:
This subsection is a separate modified CGT treatment, and not a continuation of the modifications made by section 360-50 .
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