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-B - Companies in the same wholly-owned group  

Operative provisions

SECTION 126-75   Originating company is a CFC  

126-75(1)    
This section applies if:

(a) there is a roll-over for the trigger event under this Subdivision; and

(b) the originating company was a *CFC at the time of the trigger event; and

(c) this Subdivision is relevant to the calculation of the *attributable income of the originating company under Division 7 of Part X of the Income Tax Assessment Act 1936 because (ignoring the residency assumptions in that Division) the roll-over asset was not *taxable Australian property for the originating company; and

(d) a subsequent *CGT event happens in relation to the roll-over asset.

126-75(2)    
In working out the amount of any *capital gain or *capital loss the recipient company (or a subsequent owner of the roll-over asset if there is a series of roll-overs until there is no roll-over) makes when a subsequent *CGT event happens in relation to the asset, the modifications specified in Division 7 of Part X of the Income Tax Assessment Act 1936 apply.