Income Tax Assessment Act 1997

Part 3-3 inserted by No 46 of 1998.

Div 124 inserted by No 46 of 1998.

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Subdiv 124-I substituted by No 12 of 2012, s 3 and Sch 2 item 15, effective 21 March 2012. Subdiv 124-I formerly read:

Subdivision 124-I - Conversion of a body to an incorporated company

SECTION 124-520 Conversion of a body to an incorporated company  
124-520(1)
You can choose to obtain a roll-over if:

(a) you are a member of a body that is incorporated under a law (other than the Corporations Act 2001 or a similar * foreign law relating to companies); and

(b) the body is converted into a company incorporated under the Corporations Act 2001 or a similar foreign law relating to companies (without creating a new legal entity); and

(c) the company issues you with * shares (and you receive nothing else) in substitution for your interest in the body just before the conversion; and

(d) there is no significant difference in:

(i) the ownership of the body just before the conversion and the ownership of the company just after the conversion; or

(ii) the mix of ownership of the body just before the conversion and the mix of ownership of the company just after the conversion; and

(e) this requirement is satisfied:

(i) you are an Australian resident at the time of the conversion; or

(ii) if you are a foreign resident at that time - your interest in the body was * taxable Australian property just before that time and the * shares are taxable Australian property when they are issued.

Note 1:

The roll-over consequences are set out in Subdivision 124-A . The original asset is your interest in the body. The new asset is your shares in the company.

Note 2:

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

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History

S 124-520(1) amended by No 168 of 2006 , s 3 and Sch 4 item 58, by substituting " was * taxable Australian property just before that time and the * shares are taxable Australian property when they are issued " for " has the * necessary connection with Australia " in para (e)(ii), applicable to CGT events that happen on or after 12 December 2006.

S 124-520(1) amended by No 41 of 2005.

124-520(2)
This section does not apply if the body is a mutual entity that is being demutualised and to whose demutualisation Division 326 in Schedule 2H of the Income Tax Assessment Act 1936 applies.

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History

S 124-520(2) amended by No 58 of 2006 , s 3 and Sch 7 item 77, by inserting " in Schedule 2H " after " Division 326 " , effective 22 June 2006.

S 124-520(3) renumbered as s 124-520(2) by No 41 of 2005.

S 124-520(2) repealed by No 41 of 2005 and amended by No 55 of 2001.

S 124-520(3) inserted by No 103 of 1999.

S 124-520 inserted by No 46 of 1998.

S 124-510 inserted by No 12 of 2012, s 3 and Sch 2 item 15, effective 21 March 2012.