Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

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

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Division 124 - Replacement-asset roll-overs

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(Repealed) Subdivision 124-O - FSR (financial services reform) transitions

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(Repealed) New owner roll-overs

124-915 (Repealed) SECTION 124-915 Consequences of a new owner roll-over (where one CGT asset comes to an end)
(Repealed by No 109 of 2014)

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History

S 124-915 repealed by No 109 of 2014, s 3 and Sch 10 item 38, effective 17 October 2014. S 124-915 formerly read:

SECTION 124-915 Consequences of a new owner roll-over (where one CGT asset comes to an end)
124-915(1)
In each situation covered by section 124-900 , 124-905 or 124-910 , where:

(a) a person's (the original owner's ) ownership of one *CGT asset (the original asset ) comes to an end; and

(b) another person (the new owner ) acquires one or more *CGT assets (the replacement asset or assets );
the consequences of that section applying are the consequences specified in this section.

124-915(2)
A *capital gain or a *capital loss that the original owner makes from a *CGT event happening to the original asset is disregarded.

124-915(3)
If the original owner *acquired the original asset on or after 20 September 1985, the first element of each replacement asset's *cost base is the sum of:

(a) the amount worked out under the formula in subsection (4); and

(b) any amount the new owner paid to get the replacement asset (which can include giving property: see section 103-5 ).

124-915(4)
The formula is:

The original asset's *cost base
(worked out when the original owner's ownership of it ended)
The number of replacement assets

Note:

If the original asset is an old licence that ceases to have effect only partly, subsection (7) modifies this formula.

124-915(5)
The first element of each replacement asset's *reduced cost base is worked out similarly.

124-915(6)
If the original owner *acquired the original asset before 20 September 1985, the new owner is taken to have acquired each replacement asset before that day.

124-915(7)
If, in a situation covered by section 124-900 , an old licence mentioned in that section ceases to have effect only partly, then the reference in subsection (4) of this section to the original asset's *cost base is taken to be a reference to such part of the cost base of the old licence as is reasonably attributable to the part of the old licence that ceases to have effect.

S 124-915 inserted by No 101 of 2004.

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