Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 124 - Replacement-asset roll-overs  

Subdivision 124-D - Strata title conversion  

SECTION 124-190   Strata title conversion  

124-190(1)    
You can choose to obtain a roll-over if:


(a) you own property that gives you a right to occupy a unit in a building; and


(b) the building's owner subdivides it into *stratum units; and


(c) the owner transfers to you the stratum unit that corresponds to the unit you had the right to occupy just before the subdivision.

Note 1:

The roll-over consequences are set out in section 124-10 . The original asset is the property that gave you the right to occupy a unit in the building. The new asset is the stratum unit.

Note 2:

Section 103-25 tells you when you have to make the choice.


124-190(2)    
The first element of the *cost base and *reduced cost base of the *stratum unit includes any amount you paid to get it (which can include giving property: see section 103-5 ).

Note:

The rest of the first element is worked out under Subdivision 124-A .


124-190(3)    
A stratum unit is a lot or unit (however described in an *Australian law or a *foreign law relating to strata title or similar title) and any accompanying common property.



View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.