Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-80 - ROLL-OVERS APPLYING TO ASSETS GENERALLY  

Division 615 - Roll-overs for business restructures  

Subdivision 615-C - Consequences of roll-overs  

SECTION 615-50   Trading stock  

615-50(1)    
The amount included in your assessable income because of the disposal, redemption or cancellation of each of your *shares or units described in paragraph 615-45(c) that was your *trading stock at the time mentioned in that paragraph is equal to:

(a) if the share or unit had been your trading stock ever since the start of the income year that included that time - the total of:

(i) its *value as trading stock at the start of the income year; and

(ii) the amount (if any) by which its cost had increased since the start of the income year; or

(b) otherwise - its cost at that time.

615-50(2)    
For each of the *shares that you acquired as described in paragraph 615-45(d) that is your *trading stock, you are taken to have paid:

	Total included in your assessable income under subsection (1) for your corresponding *shares or units in the original entity
	Number of your shares acquired as described in paragraph 615-45(d) that are your *trading stock

615-50(3)    
For the purposes of Division 70 (about trading stock), you, the original entity and the interposed company are taken to have dealt with each other in the ordinary course of *business and at *arm ' s length for each of the transactions referred to in paragraph 615-5(1)(c) or 615-10(1)(d) or (e) .