Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

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

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Division 112 - Modifications to cost base and reduced cost base

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Subdivision 112-B - Finding tables for special rules

SECTION 112-53 Scrip for scrip roll-over

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Scrip for scrip roll-over
Item	In this situation:	Element affected:	See section:
1	Interest is acquired by an entity where there is a roll-over under Subdivision 124-M and there is a significant or common stakeholder under an arrangement	First element of cost base and reduced cost base	124-782
.
2	Equity or debt is acquired by a member of a wholly-owned group under that arrangement from another member of the group	First element of cost base and reduced cost base	124-784
.
2A	Interest is acquired by an entity where there is a roll-over under Subdivision 124-M and the arrangement is taken to be a restructure	First element of cost base and reduced cost base	124-784B
.
3	You exchange an interest you acquired before 20 September 1985 for an interest in another entity	The total cost base and reduced cost base	124-800

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History

S 112-53 amended by No 135 of 2015, s 3 and Sch 1 item 2, by substituting " a member of a wholly-owned group under that arrangement from another member of the " for " an ultimate holding company under that arrangement from a member of its wholly-owned " in table item 2, column headed " In this situation: " , applicable in relation to CGT events happening after 7:30 pm, by legal time in the Australian Capital Territory, on 8 May 2012.

S 112-53 amended by No 14 of 2009, s 3 and Sch 1 item 1, by inserting table item 2A, effective 26 March 2009. No 14 of 2009, s 3 and Sch 1 item 6 contains the following application provision:

Application
(1)
The amendments apply in relation to an arrangement that is or relates to a takeover bid (within the meaning of the Corporations Act 2001 ) if:

(a) for an off-market bid (within the meaning of that Act) - step 4 of the table in subsection 633(1) of that Act; or

(b) for a market bid (within the meaning of that Act) - step 2 of the table in subsection 635(1) of that Act;
is completed after 7.30pm, by legal time in the Australian Capital Territory, on 13 May 2008.

(2)
The amendments made by this Schedule apply in relation to an arrangement if:

(a) a court orders, under subsection 411(1) of the Corporations Act 2001 , a meeting or meetings of:

(i) a company's members; or

(ii) one or more classes of a company's members;
about the arrangement; and

(b) the application for the order was made after 7.30pm, by legal time in the Australian Capital Territory, on 13 May 2008.

(3)
The amendments apply in relation to an arrangement if:

(a) the arrangement is not, and does not relate to, a takeover bid (within the meaning of the Corporations Act 2001 ); and

(b) a court does not order, under subsection 411(1) of the Corporations Act 2001 , a meeting or meetings of:

(i) a company's members; or

(ii) one or more classes of a company's members;
about the arrangement; and

(c) a decision to enter into the arrangement was not made before 7.30pm, by legal time in the Australian Capital Territory, on 13 May 2008.

S 112-53 inserted by No 89 of 2000.

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