Tax Law Improvement Act (No. 1) 1998 (46 of 1998)
2 CGT (new Parts 3-1, 3-3 and 3-5)
2 Consequential amendment of the Income Tax Assessment Act 1997
8 Paragraphs 41-20(1)(b) and (c)
Repeal the paragraphs, substitute:
(b) the disposal involves a *CGT event; and
(c) the conditions in an item in the table are satisfied.
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CGT roll-overs that qualify transferor for relief under Common rule 1 |
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Item |
Type of CGT roll-over |
Conditions |
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1 |
Disposal of asset to wholly-owned company |
There is a roll-over under Subdivision 122-A for the *CGT event. |
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2 |
Disposal of asset by partnership to wholly-owned company |
The transferor is a partnership, the property is partnership property, and there is a roll-over under Subdivision 122-B for the *disposal by the partners of the *CGT assets consisting of their interests in the property. |
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3 |
Marriage breakdown |
There is a roll-over under Subdivision 126-A for the *CGT event. |
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4 |
Disposal of asset to another member of the same wholly-owned group |
There is a roll-over under Subdivision 126-B for the *CGT event. |