Tax Law Improvement Act (No. 1) 1998 (46 of 1998)
2 CGT (new Parts 3-1, 3-3 and 3-5)
3 Consequential amendment of the Income Tax Assessment Act 1936
139 At the end of subsection 73AA(1)
Add:
; and (c) the disposal involves a CGT event; and
(d) the conditions in an item in the table are satisfied.
|
CGT roll-overs that qualify transferor for relief |
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|
Item |
Type of CGT roll-over |
Conditions |
|
1 |
Disposal of asset to wholly-owned company |
There is a roll-over under Subdivision 122-A of the Income Tax Assessment Act 1997 for the CGT event. |
|
2 |
Disposal of asset by partnership to wholly-owned company |
The transferor is a partnership, the building or part is partnership property, and there is a roll-over under Subdivision 122-B of the Income Tax Assessment Act 1997 for the disposal by the partners of the CGT assets consisting of their interests in the building or part. |
|
3 |
Marriage breakdown |
There is a roll-over under Subdivision 126-A of the Income Tax Assessment Act 1997 for the CGT event. |
|
4 |
Disposal of asset to another member of the same wholly-owned group |
There is a roll-over under Subdivision 126-B of the Income Tax Assessment Act 1997 for the CGT event. |
Note: The heading to section 73AA is replaced by the heading "Section 73A roll-over relief in the case of certain CGT roll-overs".