New Business Tax System (Consolidation) Act (No. 1) 2002 (68 of 2002)

Schedule 3   Consequential amendments relating to main consolidation provisions

Part 3   Limiting access to group concessions

Division 1   CGT roll-overs

Income Tax Assessment Act 1997

20   Section 126-40

Repeal the section, substitute:

126-40 What this Subdivision is about

A roll-over may be available for the transfer of a CGT asset between 2 companies, or the creation of a CGT asset by one company in another, if:

(a) both companies are members of the same wholly-owned group; and

(b) at least one of the companies is a foreign resident.