INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 126 - Same-asset roll-overs  

Subdivision 126-C - Changes to trust deeds  

SECTION 126-135   Consequences of roll-over  

126-135(1)  
A *capital gain or *capital loss made from the *CGT event is disregarded.

126-135(2)  
If the fund that owned the *CGT asset just before the time of the *CGT event *acquired it before 20 September 1985, the asset retains its status as a *pre-CGT asset in the hands of the fund that owned it after the time of the event.

126-135(3)  
If the fund that owned the *CGT asset just before the time of the *CGT event *acquired it on or after 20 September 1985:


(a) the first element of the asset's *cost base (in the hands of the fund that owned the asset after the time of the event) is its cost base just before that time; and


(b) the first element of the asset's *reduced cost base asset is worked out similarly; and


(c) the fund that owned the asset after the time of the event is taken to have acquired the asset at that time.


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