Income Tax Assessment Act 1997
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Hide history noteSECTION 820-423AA Exceptions for acquisition of certain CGT assets
Acquisition of new membership interests in entities
820-423AA(1)
For the purposes of paragraph 820-423A(2)(f) , the acquisition of a *CGT asset is covered by this section if: (a) the CGT asset is a *membership interest in:
(i) an *Australian entity; or
(b) the membership interest has not previously been held by any entity.
(ii) a *foreign entity that is a company; and
Acquisition of certain new depreciating assets
820-423AA(2)
For the purposes of paragraph 820-423A(2)(f) , the acquisition of a *CGT asset is covered by this section if all of the following conditions are satisfied: (a) the CGT asset is a *depreciating asset other than an intangible asset; (b) an entity (the acquirer ) holds the CGT asset immediately after its acquisition; (c) at the time of the acquisition, it is reasonable to conclude that the acquirer expects to use the CGT asset:
(i) for a *taxable purpose; and
(ii) within Australia; and
(d) at the time of the acquisition, the CGT asset has not been *installed ready for use, or previously used for a taxable purpose, by any of the following:
(iii) within 12 months;
(i) the acquirer;
(ii) an associate disposer of the acquirer;
(iii) an *associate pair of the acquirer.
Acquisition of certain debt interests
820-423AA(3)
For the purposes of paragraph 820-423A(2)(f) , the acquisition of a *CGT asset is covered by this section if all of the following conditions are satisfied: (a) the CGT asset is a *debt interest; (b) an entity (the acquirer ) holds the debt interest immediately after its acquisition; (c) the debt interest is issued by an *associate pair of the acquirer; (d) the debt interest has not previously been held by any entity.
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