Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-80 - ROLL-OVERS APPLYING TO ASSETS GENERALLY  

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History

Pt 3-80 inserted by No 12 of 2012.

Division 615 - Roll-overs for business restructures  

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History

Div 615 inserted by No 133 of 2014, s 3 and Sch 1 item 1, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011.

Subdivision 615-C - Consequences of roll-overs  

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Subdiv 615-C inserted by No 133 of 2014, s 3 and Sch 1 item 1, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011.

SECTION 615-40  

615-40   CGT consequences  

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The consequences set out in Subdivision 124-A also apply to a roll-over under this Division as if that roll-over were a roll-over covered by Division 124 (about replacement-asset roll-overs).

Note:

Those consequences generally involve:

(a) disregarding a capital gain or capital loss you make from the disposal, redemption or cancellation of your shares or units in the original entity; and

(b) working out the first element of the cost base of each of your new shares in the interposed entity by reference to the cost bases of your shares or units in the original entity.

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History

S 615-40 inserted by No 133 of 2014, s 3 and Sch 1 item 1, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011.

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