INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 17B - Disposal of small business assets: proceeds used for retirement  

Subdivision B - Taxpayers who are individuals  

SECTION 160ZZPZF   TAXPAYERS UNDER 55 MUST ROLL OVER PROCEEDS, OR LOSE EXEMPTION  

160ZZPZF(1)   [Amount to be rolled over]  

If the taxpayer was under 55 immediately before the disposal, an amount equal to the amount of each ETP that is taken to have been made under subsection 160ZZPZE(4) must be rolled over (within the meaning of Subdivision AA of Division 2 of Part III , but assuming that paragraph 27A(12)(c) had not been enacted) by the taxpayer.

160ZZPZF(2)   [Election taken as never made]  

If the taxpayer does not comply with subsection (1), the election is taken never to have been made.

Note:

Because making the election is a condition (see paragraph 160ZZPZD(2)(a)), the taxpayer will lose the benefit of this Subdivision in such a case.