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The capital gains tax provisions allow you to defer working out a gain or loss where the disposal was:
- as a result of a breakdown of marriage
- caused by the loss or destruction of the asset
- from certain resumptions of property
- from the disposal of certain mining leases.
These rollover provisions will apply in working out the attributable income because of the assumption that the CFC is a resident.
Most of these provisions require that the person disposing of the asset must make an election. You can make the election on behalf of a wholly owned CFC. For more details, read Procedures for election that the rollover provisions apply.
Last modified: 05 Dec 2006QC 17522