INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteThis Subdivision sets out the way in which roll-over relief is given to a taxpayer in respect of a year of income in which certain assets (roll-over assets) are disposed of by the taxpayer.
If certain threshold criteria and other conditions are satisfied, capital gains do not accrue in respect of the disposals and net roll-over amounts are worked out for the roll-over assets.
The taxpayer may then nominate certain replacement assets in respect of the net roll-over amounts and is to apportion the net roll-over amounts to replacement assets in accordance with various rules.
The amounts apportioned are taken to reduce the cost of the acquisition of the replacement assets.
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