Taxation Laws Amendment Act (No. 1) 2004 (101 of 2004)

Schedule 9   Roll-over for FSR transitions

Part 1   Amendments

Income Tax Assessment Act 1997

15   After subsection 152-115(1)

Insert:

Assets replaced during FSR transition (same owner roll-overs)

(1A) If a *CGT asset is an asset (the new asset ) you acquired in a situation covered by section 124-880, 124-885 or 124-890, then paragraphs 152-105(b) and 152-110(1)(b) and (c) (the 15-year and controlling individual rules) apply as if you had acquired the new asset when you acquired the original asset.

Note: Subdivision 124-O provides a roll-over for certain CGT assets that come to an end as a result of an FSR transition.

Asset replaced during FSR transition (new owner roll-overs)

(1B) If a *CGT asset is an asset (the new asset ) acquired in a situation covered by section 124-900, 124-905 or 124-910, then paragraphs 152-105(b) and 152-110(1)(b) and (c) (the 15-year and controlling individual rules) apply as if the new owner had acquired the new asset when the original owner acquired the original asset.

Note: Subdivision 124-O provides a roll-over for certain CGT assets that come to an end as a result of an FSR transition.