INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-80 - ROLL-OVERS APPLYING TO ASSETS GENERALLY  

Division 620 - Assets of wound-up corporation passing to corporation with not significantly different ownership  

Subdivision 620-A - Corporations covered by Subdivision 124-I  

CGT consequences

SECTION 620-25   Cost base and pre-CGT status of CGT asset for company  

620-25(1)  
This section applies to a *CGT asset if the body *disposes of it to the company because the body ceases to exist.

620-25(2)  
The first element of the *CGT asset ' s *cost base for the company is equal to the asset ' s cost base for the body in connection with the *disposal.

620-25(3)  
The first element of the *CGT asset ' s *reduced cost base for the company is worked out similarly.

620-25(4)  
If the body *acquired the *CGT asset before 20 September 1985, the company is taken to have acquired the CGT asset before that day.


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.