Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

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

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Division 126 - Same-asset roll-overs

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Subdivision 126-G - Transfer of assets between certain trusts

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History

Subdiv 126-G inserted by No 19 of 2010, s 3 and Sch 1 item 9, applicable to CGT events happening on or after 1 November 2008. No 19 of 2010, s 3 and Sch 1 items 12 and 13 also contains the following transitional provisions:

Transitional: time for making mirror choices
(1)
Subsection 126-235(3) of the Income Tax Assessment Act 1997 does not apply if the other trust makes a mirror choice under a provision of a taxation law by:

(a) 6 months after the day this Act receives the Royal Assent [ CCH Note: assent was gained 24 March 2010]; or

(b) a later day allowed by the Commissioner of Taxation.
Note:

For this item to have effect, the other trust must still be able, under that provision of the taxation law, to make the mirror choice.

(2)
This item has effect in addition to subsection 126-235(4) of the Income Tax Assessment Act 1997 .
Transitional: deadline for giving information to beneficiaries
(1)
This item applies in relation to a roll-over chosen under Subdivision 126-G of the Income Tax Assessment Act 1997 if the transfer year for the roll-over is the transferring trust's 2008-09 income year.

(2)
Subsection 126-260(1) of that Act has effect, in relation to the roll-over, as if the reference in that subsection to 3 months after the end of the transfer year were a reference to 6 months after the day this Act receives the Royal Assent [ CCH Note: assent was gained 24 March 2010].

Guide to Subdivision 126-G

SECTION 126-215

126-215 What this Subdivision is about

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Roll-overs may be available when CGT assets are transferred between certain trusts.

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TABLE OF SECTIONS

**TABLE OF SECTIONS**
Operative provisions
126-220	Object of this Subdivision
126-225	When a roll-over may be chosen
126-230	Beneficiaries ' entitlements not be discretionary etc.
126-235	Exceptions for roll-over
126-240	Consequences for the trusts
126-245	Consequences for beneficiaries - general approach for working out cost base etc.
126-250	Consequences for beneficiaries - other approach for working out cost base etc.
126-255	No other cost base etc. adjustment for beneficiaries
126-260	Giving information to beneficiaries
126-265	Interest sale facilities

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