Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-80 - ROLL-OVERS APPLYING TO ASSETS GENERALLY  

Division 615 - Roll-overs for business restructures  

Subdivision 615-C - Consequences of roll-overs  

SECTION 615-45  

615-45   Additional consequences - deferral of profit or loss  

The additional consequences in sections 615-50 and 615-55 apply if:

(a) under this Division:

(i) you are taken to have chosen to obtain the roll-over; or

(ii) you otherwise choose to obtain the roll-over; and

(b) if subparagraph (a)(ii) applies to you, you choose for these additional consequences to apply; and

(c) some or all of your *shares or units in the original entity at the time immediately before they were:

(i) disposed of as described in paragraph 615-5(1)(c) ; or

(ii) redeemed or cancelled as described in paragraph 615-10(1)(d) ;

had the character of being your *trading stock or *revenue assets; and

(d) the shares in the interposed company that you acquired in return for those shares or units have the same character.

Note 1:

Apply this section separately for assets of each character.

Note 2:

The CGT exemption for trading stock does not prevent you obtaining the roll-over (see section 615-60 ).