Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

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Division 122 - Roll-over for the disposal of assets to, or the creation of assets in, a wholly-owned company  

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Subdivision 122-B - Disposal or creation of assets by partners to a wholly-owned company  

Replacement-asset roll-over if the partners dispose of all the assets of a business

SECTION 122-175  

122-175   Other consequences  
The other consequences relate to the *shares the partners receive and depend on when they *acquired their interests in the assets of the *business.

Note 1:

There are 3 possible cases:

  • • a partner acquired all the interests on or after 20 September 1985: see section 122-180 ;
  • • a partner acquired all the interests before that day: see section 122-185 ;
  • • a partner acquired some of the interests on or after that day: see section 122-190 .
    • Note 2:

    There are other consequences for the partnership and the company if the partners dispose of their interests in trading stock of the partnership: see Division 70 .

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