New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 16   Demerger relief

Part 3   Consequential amendments

Income Tax Assessment Act 1997

29   After section 112-53

Insert:

112-54 Demergers

Demergers

Item

In this situation:

Element affected:

See section:

1

There is a roll-over under Subdivision 125-B after a demerger

First element of cost base and reduced cost base of new interests and remaining original interests

125-80

2

There is a CGT event under a demerger but no roll-over under Subdivision 125-B

First element of cost base and reduced cost base of new interests and remaining original interests

125-85

3

There is a cost base adjustment under Subdivision 125-B but no CGT event under a demerger

First element of cost base and reduced cost base of new interests and remaining original interests

125-90

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