Income Tax Assessment Act 1997
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Hide history noteSECTION 124-1250 Roll-over consequences - some original interests were pre-UCA 124-1250(1)
This section applies if:
(a) you acquire the new interest in exchange for more than one original interest; and
(b) you started to *hold one or more of the original interests ( pre-UCA interests ) before 1 July 2001; and
(c) you started to hold one or more of the original interests ( post-UCA interests ) on or after that day.
124-1250(2)
If you started to *hold all of the pre-UCA interests on or after 20 September 1985, each new interest is taken to be 2 separate assets that are both new interests:
(a) one (which you are taken to have started to hold on or after that day and before 1 July 2001) representing the extent to which the original interests are pre-UCA interests; and
(b) another (which you are taken to have started to hold on or after 1 July 2001) representing the extent to which the original interests are post-UCA interests.
Apply section 124-1235 to the interest referred to in paragraph (a) as if the pre-UCA interests were the only original interests. Apply Division 40 to the interests referred to in paragraph (b).
124-1250(3)
If you started to *hold all of the pre-UCA interests before 20 September 1985, each new interest is taken to be 2 separate assets that are both new interests:
(a) one (which you are taken to have started to hold before that day) representing the extent to which the original interests are pre-UCA interests; and
(b) another (which you are taken to have started to hold on or after 1 July 2001) representing the extent to which the original interests are post-UCA interests.
Apply section 124-1240 to the new interest referred to in paragraph (a) as if the pre-UCA interests were the only original interests. Apply Division 40 to the new interest referred to in paragraph (b).
124-1250(4)
If you started to *hold one or more of the pre-UCA interests before 20 September 1985 and one or more of the pre-UCA interests on or after that day, each new interest is taken to be 3 separate assets that are all new interests:
(a) one (which you are taken to have started to hold on or after 20 September 1985 and before 1 July 2001) representing the extent to which the original interests that you started to hold on or after 20 September 1985 are pre-UCA interests; and
(b) another (which you are taken to have started to hold before 20 September 1985) representing the extent to which the original interests that you started to hold before 20 September 1985 are pre-UCA interests; and
(c) another (which you are taken to have started to hold on or after 1 July 2001) representing the extent to which the original interests are post-UCA interests.
Apply section 124-1245 to the new interests referred to in paragraphs (a) and (b) as if the pre-UCA interests were the only original interests. Apply Division 40 to the new interest referred to in paragraph (c).
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