INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

Subdivision 328-G - Restructures of small businesses  

Consequences of a roll-over under this Subdivision

SECTION 328-475   328-475   Small business restructures involving assets already subject to small business roll-over  


If:


(a) section 328-455 applies in relation to the transfer of an asset (the transferred asset ) of the transferor ' s business to one or more transferees; and


(b) the transferor has previously chosen a small business roll-over under Subdivision 152-E for a *CGT event that happened in relation to a *CGT asset for which the transferred asset is a replacement asset (within the meaning of sections 104-185 , 104-190 , 104-197 and 104-198 );

sections 104-185 , 104-190 , 104-197 and 104-198 apply to each transferee (to the extent of the transferee ' s interest in the asset) as if the transferee, and not the transferor, made that choice.

Note:

Sections 104-185 , 104-190 , 104-197 and 104-198 provide for capital gains to arise under CGT events J2, J5 and J6, after the choice of a small business roll-over under Subdivision 152-E has deferred the making of a capital gain.


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