Income Tax Assessment Act 1997
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Hide history noteSECTION 360-60 Modified CGT treatment - not affected by certain roll-overs 360-60(1)
The purpose of this section is to ensure that the modifications made by section 360-50 are not affected merely because of one or more *same-asset roll-overs or *replacement-asset roll-overs (other than roll-overs under Division 122 or Subdivision 124-M ).
360-60(2)
If, apart from those roll-overs, the entity (the original entity ) mentioned in subsection 360-50(1) would continue to hold the *share (the original share ) mentioned in that subsection, then subsections 360-50(2) to (5) apply as if:
(a) the following asset were the original share:
(i) if the last roll-over is a *same-asset roll-over - the asset for the roll-over;
(ii) if the last roll-over is a *replacement-asset roll-over - the replacement asset for the roll-over; and
Note:
The asset for subparagraph (i) will be the original share unless a replacement-asset roll-over happened beforehand.
(b) that asset was issued when the original share was issued; and
(c) the entity that *acquired that asset for the roll-over had continuously held that asset since the original share was issued; and
(d) that entity were the original entity; and
(e) in a case where that entity is a partnership - paragraphs (a) to (d) modify subsections 360-50(2) to (5) as they apply with the modifications in section 360-55 ; and
(f) in a case where that entity is not a partnership but the entity that owned the original asset for the roll-over is - paragraphs (a) to (d) modify subsections 360-50(2) to (5) as they apply without the modifications in section 360-55 .
Note:
A roll-over under Division 122 (about wholly-owned companies) or Subdivision 124-M (about scrip for scrip roll-overs) will stop the modified CGT treatment under section 360-50 from continuing to apply.
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