Income Tax Assessment Act 1997
View history note
Hide history noteFor an entity (the transferor ) that owns a * CGT asset, the CGT asset is a direct roll-over replacement for something (the underlying asset ) that another entity owns if, and only if:
(a) a * CGT event happened to the underlying asset while the transferor owned it; and
(b) the other entity * acquired the underlying asset as a result of that CGT event; and
(c) there was a * replacement-asset roll-over for the CGT event; and
(d) the transferor received the CGT asset (or CGT assets including it) in respect of the CGT event as the replacement asset (or the replacement assets).
723-110(2)
For an entity (the transferor ) that owns a * CGT asset, the CGT asset is an indirect roll-over replacement for something (the underlying asset ) that another entity owns if, and only if:
(a) a * CGT event happened to another CGT asset at a time when the transferor owned it and the other entity already owned the underlying asset; and
(b) for the transferor, the other CGT asset was at that time:
(i) a * direct roll-over replacement for the underlying asset; or
(ii) an indirect roll-over replacement for the underlying asset because of any other application or applications of this subsection; and
(c) there was a * replacement-asset roll-over for the CGT event; and
(d) the transferor received the first CGT asset (or CGT assets including it) in respect of the CGT event as the replacement asset (or the replacement assets).
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