Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 124 - Replacement-asset roll-overs  

Subdivision 124-S - Interest realignment arrangements  

Operative provisions

SECTION 124-1235   Roll-over consequences - all original interests were post-CGT and pre-UCA  

124-1235(1)    
If you acquire the new interest in exchange for:

(a) one original interest that you started to *hold on or after 20 September 1985 and before 1 July 2001; or

(b) 2 or more original interests, each of which you started to hold on or after 20 September 1985 and before 1 July 2001;

you are taken to have started to hold the new interest (or all of the new interests) on or after 20 September 1985 and before 1 July 2001.

124-1235(2)    
The first element of the *cost base of the new interest (or of each of the new interests) is such amount as is reasonable having regard to:

(a) the total of the cost bases of all the original interests; and

(b) the number, *market value and character of the original interests; and

(c) the number, market value and character of the new interests.

124-1235(3)    
The first element of the *reduced cost base of the new interest (or of each of the new interests) is such amount as is reasonable having regard to:

(a) the total of the reduced cost bases of all the original interests; and

(b) the number, *market value and character of the original interests; and

(c) the number, market value and character of the new interests.