Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

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History

Pt 3-1 inserted by No 46 of 1998.

Division 112 - Modifications to cost base and reduced cost base  

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Div 112 inserted by No 46 of 1998.

Subdivision 112-D - Same-asset roll-overs  

SECTION 112-145  

112-145   How is the cost base of the asset modified?  
If the transferor acquired the asset on or after 20 September 1985:

(a) the first element of the asset ' s cost base (in the hands of the transferee) is replaced by the asset ' s cost base at the time the transferee acquired it; and

(b) the first element of the asset ' s reduced cost base (in the hands of the transferee) is replaced by the asset ' s reduced cost base at the time the transferee acquired it.

Note 1:

If the transferor acquired the asset before 20 September 1985, the transferee is taken to have acquired it before that day: see Subdivision 126-A .

Note 2:

The reduced cost base may be further modified if the same asset roll-over happens after a demerger: see section 125-170 .

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S 112-145 amended by No 97 of 2008 , s 3 and Sch 3 item 96, by substituting " section 125-170 " for " section 125-175 " in note 2, effective 3 October 2008.

S 112-145 amended by No 90 of 2002 and inserted by No 46 of 1998.

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