Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 775 - Foreign currency gains and losses  

Subdivision 775-C - Roll-over relief for facility agreements  

Operative provisions

SECTION 775-205  

775-205   What is a roll-over ?  

A roll-over happens under a *facility agreement if:

(a) you discharge your obligation under an *eligible security issued by you under the agreement (the rolled-over security ); and

(b) at the same time, you issue a new eligible security (the new security ) under the agreement; and

(c) the issue of the new security is related to the discharge of your obligation under the rolled-over security in one of the following ways:

(i) your obligation under the rolled-over security is wholly or partly set off against your right to receive the *foreign currency issue price of the new security;

(ii) your obligation under the rolled-over security is wholly or partly satisfied by the issue of the new security; and

(d) you have made a choice for roll-over relief for the agreement, and that choice is in effect; and

(e) the new security is issued on or after the applicable commencement date; and

(f) if you have not made an election under section 775-150 - the rolled-over security is issued on or after the applicable commencement date.

Note:

For applicable commencement date , see section 775-155 .