Income Tax Assessment Act 1997
If you are an individual or a trustee, you can choose to obtain a roll-over if one of the *CGT events (the trigger event ) specified in this table happens involving you and a company in the circumstances set out in sections 122-20 to 122-35 .
|Relevant *CGT events|
|Event No.||What you do|
|A1||*Dispose of a CGT asset, or all the assets of a business, to the company|
|D1||Create contractual or other rights in the company|
|D2||Grant an option to the company|
|D3||Grant the company a right to income from mining|
|F1||Grant a lease to the company, or renew or extend a lease|
The roll-over starts at section 122-40 .
Section 103-25 tells you when you have to make the choice.
A roll-over may also be available under Subdivision 328-G (Restructures of small businesses).
Gavin runs a plumbing business. He wants to incorporate it so he disposes of all its assets to a company. He becomes the sole shareholder of the company.