Income Tax Assessment Act 1997
View history note
Hide history note[
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
310-60(1)
The transferring entity may disregard any *capital gain or *capital loss for a transfer event relating to an original asset to which this section applies.
Note:
This section only applies if it is chosen to apply under subsection 310-50(2) .
310-60(2)
Subsections (3), (4) and (5) apply if under subsection (1) the transferring entity disregards a *capital gain or *capital loss for a transfer event relating to an original asset.
310-60(3)
The transferring entity ' s *capital proceeds from the 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.
Consequences for receiving entity
310-60(4)
The first element of the *cost base of the corresponding received asset (in the hands of the receiving entity) is taken to be an amount equal to the cost base of the original asset just before the event.
310-60(5)
The first element of the *reduced cost base of the corresponding received asset (in the hands of the receiving entity) is taken to be an amount equal to the reduced cost base of the original asset just before the event.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
