Income Tax Assessment Act 1997

Application of amendments of Subdivision 126-B  
(1)
The amendments apply in relation to a trigger event happening after 30 June 2003, except a trigger event to which subitem (2) applies.

(2)
This subitem and subitem (3) apply to a trigger event if:

(a) the originating company or the recipient company involved in the trigger event becomes a member of a consolidated group, or MEC group, on the day (the consolidation day ) on which that group comes into existence; and

(b) the consolidation day either is before 1 July 2003 or is both:

(i) the first day of the first income year starting after 30 June 2003 of the group's head company (for a consolidated group) or provisional head company (for a MEC group) on the consolidation day; and

(ii) before 1 July 2004; and

(c) the originating company was not a member of a consolidated group or MEC group before the consolidation day.

(3)
The amendments apply in relation to the trigger event if it happens on or after the consolidation day.

What this Subdivision is about  
126-40
This Subdivision sets out when a company can obtain a roll-over if it transfers a CGT asset to, or creates a CGT asset in, another company that is a member of the same wholly-owned group.