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 615-55   Revenue assets  

615-55(1)    
For each of your *shares or units that:

(a) is described in paragraph 615-45(c) ; and

(b) was a *revenue asset immediately before its disposal, redemption or cancellation;

your gross proceeds for that disposal, redemption or cancellation are taken to be the amount you would have needed to have received in order to have a nil profit and nil loss for that disposal, redemption or cancellation.

615-55(2)    
For the purpose of calculating any profit or loss on a future disposal, cessation of ownership, or other realisation of a *share that:

(a) you acquired as described in paragraph 615-45(d) ; and

(b) is a *revenue asset;

you are taken to have paid the following for your acquisition of that share

	Total worked out 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 *revenue assets