Income Tax Assessment Act 1997
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Hide history noteSECTION 122-180 All interests acquired on or after 20 September 1985 122-180(1)
If a partner *acquired all of the partner's interests in the assets of the *business on or after 20 September 1985:
(a) the first element of the partner's *cost base of each *share is the sum of the *market values of the partner's interests in the *precluded assets and the cost bases of the partner's interests in the other assets (less any liabilities the company undertakes to discharge in respect of all of those interests) divided by the number of the partner's shares; and
(b) the first element of the partner's *reduced cost base of each *share is worked out similarly.
Note 1:
There are rules for working out what are the liabilities in respect of interests: see section 122-145 .
Note 2:
There are special indexation rules for roll-overs: see Division 114 .
122-180(2)
The *market value of an interest in an asset is worked out when the partner *disposed of it. The *cost base or *reduced cost base of an interest is worked out at the same time.
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