Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 152 - Small business relief  

Subdivision 152-B - Small business 15-year exemption  

SECTION 152-115   Continuing time periods for involuntary disposals  

Asset compulsorily acquired, lost or destroyed

152-115(1)  
If a *CGT asset is an asset (the new asset ) you acquired to satisfy the requirement in subsection 124-70(2) or 124-75(2) for a roll-over under Subdivision 124-B , then paragraphs 152-105(b) and 152-110(1)(b) and (c) (the 15-year and significant individual rules) apply as if you had acquired the new asset when you acquired the original asset.

Note:

Subdivision 124-B allows you to choose a roll-over if your CGT asset is compulsorily acquired, lost or destroyed.

Assets replaced during FSR transition (same owner roll-overs)

152-115(1A)  


If a *CGT asset is an asset (the new asset ) you acquired in a situation covered by former section 124-880 , 124-885 or 124-890 , then paragraphs 152-105(b) and 152-110(1)(b) and (c) (the 15-year and significant individual rules) apply as if you had acquired the new asset when you acquired the original asset.
Note:

Former Subdivision 124-O provided a roll-over for certain CGT assets that came to an end as a result of an FSR transition.

Asset replaced during FSR transition (new owner roll-overs)

152-115(1B)  


If a *CGT asset is an asset (the new asset ) acquired in a situation covered by former section 124-900 , 124-905 or 124-910 , then paragraphs 152-105(b) and 152-110(1)(b) and (c) (the 15-year and significant individual rules) apply as if the new owner had acquired the new asset when the original owner acquired the original asset.
Note:

Former Subdivision 124-O provided a roll-over for certain CGT assets that came to an end as a result of an FSR transition.

Marriage or relationship breakdowns

152-115(2)  
If you made the choice mentioned in subsection 152-45(2) for a *CGT asset, then paragraphs 152-105(b) and (c) and 152-110(1)(b) and (c) (the 15-year and significant individual rules) apply as if you had acquired the asset when the transferor acquired it.

Note:

There is a roll-over under Subdivision 126-A if CGT assets are transferred because of a marriage or relationship breakdown.

Restructures of small businesses

152-115(3)  


If section 328-450 or 328-455 applies in relation to the transfer of an asset to you, then paragraphs 152-105(b) and (c) and 152-110(1)(b) and (c) (the 15-year and significant individual rules) apply as if:


(a) you had acquired the asset when the entity transferring the asset acquired it; or


(b) in a case where, for the purposes of applying those paragraphs, the time when that entity acquired the asset was provided for by this subsection - you had acquired the asset at that time.


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