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-G - Transfer of assets between certain trusts  

Operative provisions

SECTION 126-250   Consequences for beneficiaries - other approach for working out cost base etc.  

126-250(1)    
This section applies if the beneficiary owns one or more *membership interests in the transferring trust at all times during the period:


(a) starting just before this time (the starting time ):


(i) the transfer time; or

(ii) the transfer time for an asset referred to in paragraph 126-225(2)(c) (assuming subsection 126-225(2) applies); and


(b) ending just after this time (the ending time ):


(i) the transfer time (assuming this is not also the starting time); or

(ii) a later time in the transfer year that is the transfer time for another asset for which a roll-over is obtained under this Subdivision for the trusts.
Note:

Subsection 126-225(2) applies if the roll-over asset is transferred to the receiving trust after an earlier roll-over under this Subdivision, for another asset, was obtained for the trusts.


126-250(2)    
The beneficiary may choose for each of the following:


(a) the *cost base and *reduced cost base of each of those *membership interests and of the beneficiary ' s corresponding membership interests in the receiving trust;


(b) the time each of those corresponding interests in the receiving trust is treated as having been *acquired;

to be adjusted under subsection (3) for the period.


126-250(3)    
For each of the interests referred to in subsection (2), subsections 126-245(2) , (3) , (4) , (5) and (6) apply as if:


(a) references in those subsections to just before the transfer time were references to just before the starting time; and


(b) references in those subsections to just after the transfer time were references to just after the ending time.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.