Income Tax Assessment Act 1997

Part 3-3 inserted by No 46 of 1998.

Div 152 inserted by No 165 of 1999 (as amended by No 173 of 2000).

S 152-415 substituted No 55 of 2007 , s 3 and Sch 1 item 57, applicable to CGT events happening in the 2006-07 income year or later income years. S 152-415 formerly read:

SECTION 152-415 What the roll-over consists of  
152-415
If you choose the roll-over, so much of the *capital gain that would have remained apart from the roll-over as does not exceed the total of the first and second elements of the *cost base of the replacement asset is disregarded.

Note:

If there is an amount of the capital gain that cannot be so disregarded, you make a capital gain equal to that amount.

Example:

The original capital gain was $100. You have reduced it to $25 under other concessions (apart from the roll-over). If the total of the first and second elements of the cost base of the replacement asset is $20, you can disregard $20 under this section, leaving a final capital gain of $5.

S 152-415 inserted by No 165 of 1999 (as amended by No 173 of 2000).