Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 109 - Acquisition of CGT assets  

Subdivision 109-B - Signposts to other acquisition rules  

SECTION 109-55   109-55   Other acquisition rules  


This table sets out other acquisition rules in this Part and Part 3-3. Some of the rules have effect only for limited purposes.


Other acquisition rules
Item In these circumstances: You acquire the asset at this time: See:
1 A CGT asset devolves to you as legal personal representative of a deceased individual when the individual died section 128-15
.
2 A CGT asset passes to you as beneficiary in the estate of a deceased individual when the individual died sections 128-15 and 128-25
.
3 A surviving joint tenant acquires deceased joint tenant ' s interest in a CGT asset when the deceased died section 128-50
.
4 You get only a partial exemption under Subdivision 118-B for a CGT event happening to a CGT asset that is a dwelling, but you would have got a full exemption if the CGT event had happened just before the first time the dwelling was used for that purpose at that time section 118-192
.
5 The trustee of a deceased estate acquires a dwelling under the deceased ' s will for you to occupy, and you obtain an interest in it when the trustee acquired it section 118-210
.
6 You obtain a replacement-asset roll-over for replacing an asset you acquired before 20 September 1985 before 20 September 1985 Divisions 122 and 124
.
6A (Repealed by No 109 of 2014)
.
7 You obtain a replacement-asset roll-over for a Crown lease, or a prospecting or mining entitlement that is renewed or replaced and part of the new entitlement relates to a part of the old one that you acquired before 20 September 1985 before 20 September 1985 (for that part of the new entitlement that relates to the pre-CGT part of the old one) sections 124-595 and 124-725
.
7A - 7B (Repealed by No 109 of 2014)
.
8 You obtain a same-asset roll-over for a CGT asset the transferor acquired before 20 September 1985 before 20 September 1985 Subdivision 124-N and Divisions 122 and 126
.
8A There is a same-asset roll-over for a CGT event that happens to a CGT asset (acquired on or after 20 September 1985) because the trust deed of a fund is changed and you are the fund that owns the asset after the CGT event at the time of the CGT event Subdivision 126-C
.
8B There is a same-asset roll-over for a CGT event that happens to a CGT asset when the entity that owned the asset before the roll-over acquired it section 115-30
.
8C You obtain a replacement-asset roll-over (other than a roll-over covered by section 115-34) for replacing a CGT asset when you acquired the original asset involved in the roll-over section 115-30
.
8D A CGT asset devolves to you as legal personal representative of a deceased individual when the deceased acquired the asset (unless it was a pre-CGT asset just before his or her death) section 115-30
.
8E A CGT asset passes to you as beneficiary in the estate of a deceased individual when the deceased acquired the asset (unless it was a pre-CGT asset just before his or her death) section 115-30
.
8F A surviving joint tenant acquires a deceased joint tenant ' s interest in a CGT asset when the deceased acquired the interest section 115-30
.
8G You hold a membership interest in the receiving trust involved in a roll-over under Subdivision 126-G when you acquired the corresponding membership interest in the transferring trust involved in the roll-over section 115-30
.
9 A company or trustee of a unit trust issues you with bonus equities and no amount is included in your assessable income if the original equities are post-CGT assets, or are pre-CGT assets and fully paid - when you acquired the original equities; or
if the original equities are pre-CGT assets and you had to pay an amount for the bonus equities - when the liability to pay arose
section 130-20
.
10 You own shares in a company or units in a unit trust and you exercise rights to acquire new equities in the company or trust for the rights if you acquired them from the company or trustee - when you acquired the original equities; or
for the new equities - when you exercise the rights
section 130-40
.
11 You acquire shares in a company or units in a unit trust by converting a convertible interest when the conversion of the convertible interest happened section 130-60
.
11A You acquire shares in a company in exchange for the disposal of an exchangeable interest, and the disposal of the exchangeable interest was to: when the disposal of the exchangeable interest happened section 130-105
(a) the issuer of the exchangeable interest; or
(b) a connected entity of the issuer of the exchangeable interest
.
11B You acquire shares in a company in exchange for the redemption of an exchangeable interest when the redemption of the exchangeable interest happened section 130-105
.
12 (Repealed by No 133 of 2009)
.
13 You (as a lessee of land) acquire the reversionary interest of the lessor and there is no roll-over for the acquisition if term of lease was for 99 years or more - when the lease was granted or assigned to you; or
if term of lease less than 99 years - when the reversionary interest acquired
section 132-15
.
14 You acquired a CGT asset before 20 September 1985, and there has since been a change in the majority underlying interests in the asset at the time of the change Division 149
.
15 You become an Australian resident (but not a temporary resident) and you owned a CGT asset that you acquired on or after 20 September 1985 and that was not *taxable Australian property when you become an Australian resident (but not a temporary resident) section 855-45
.
15A You are a temporary resident, you then cease to be a temporary resident (but remain, at that time, an Australian resident) and you owned a CGT asset that you acquired on or after 20 September 1985 and that was not *taxable Australian property when you cease to be a temporary resident section 768-955
.
16 A trust of which you are trustee becomes a resident trust for CGT purposes and you owned a CGT asset that you acquired on or after 20 September 1985 and that was not *taxable Australian property when the trust becomes a resident trust for CGT purposes section 855-50
.
17 There is a roll-over under Subdivision 126-B for a CGT event and you are the company owning the roll-over asset just after the roll-over and you stop being a 100% subsidiary of another company in the wholly-owned group when you stop section 104-175

Note:

Section 115-34 sets out other acquisition rules for certain cases involving replacement-asset roll-overs covered by that section.


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