Can there be a roll-over?



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Roll-over allows a capital gain or loss that would otherwise arise to be deferred or disregarded until a CGT event happens to the asset.

When a CGT asset is transferred between spouses after marriage breakdown, any capital gains tax is deferred until a later CGT event happens to the asset. For example, if you transfer a CGT asset to your former spouse and certain conditions are met, you will not have to pay capital gains tax on the transfer. Any capital gains tax is payable when a later CGT event happens to the asset - for example, your former spouse disposes of the asset to someone else. See chapter 7 for more information.

You may disregard a capital gain if a CGT asset has been lost or destroyed or is compulsorily acquired. See chapter 8 for more information.

A deferral of the capital gain may also be available if you dispose of your shares in a company or interest in a trust as a result of a takeover. See chapter 6 for more information.

Last modified: 18 Sep 2009QC 18323