Income Tax Assessment Act 1997
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CCH Note:
No 158 of 2012 (as amended by No 23 of 2018 and No 49 of 2020), s 3 and Sch 1 item 19 contains the following application provision:
on or after 1 October 2011. The effect of paragraph (a) is that all of the members of the original fund will need to become members of a continuing fund during this period. The effect of paragraph (b) is that the transferring fund needs to cease to hold all relevant assets during this period.
Application provision
19
The amendments made by this Schedule apply in relation to a transferring entity and a receiving entity if:
(a)
the condition in subsection
310-10(3)
,
310-15(3)
or
310-20(3)
of the
Income Tax Assessment Act 1997
for those entities is satisfied; and
(b)
all the transfer events (if any) referred to in subsection
310-45(2)
of that Act for those entities happen;
Note 1:
Note 2:
Consequences for transferring entity
310-55(1)
For each of the original assets to which this section applies, the transferring entity ' s *capital proceeds from the relevant transfer event are taken to be an amount equal to:
(a) if, apart from this subsection, the event would result in a *capital gain - the asset ' s *cost base just before the event; or
(b) if, apart from this subsection, the event would result in a *capital loss - the asset ' s *reduced cost base just before the event.
Note:
This section only applies if it is chosen to apply under subsection 310-50(2) .
Consequences for receiving entity
310-55(2)
For each of the received assets to which this section applies, the first element of the *cost base of the asset (in the hands of the receiving entity) is taken to be an amount equal to the cost base of the corresponding original asset just before the relevant transfer event.
310-55(3)
For each of the received assets to which this section applies, the first element of the *reduced cost base of the asset (in the hands of the receiving entity) is taken to be an amount equal to the reduced cost base of the corresponding original asset just before the relevant transfer event.
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