Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-80
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ROLL-OVERS APPLYING TO ASSETS GENERALLY
Division 620
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Assets of wound-up corporation passing to corporation with not significantly different ownership
Subdivision 620-A
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Corporations covered by Subdivision 124-I
Guide to Subdivision 620-A
SECTION 620-5 What this Subdivision is about
View history note
Hide history noteSECTION 620-5 What this Subdivision is about
There are tax-neutral consequences of a body, that is incorporated under one law and ceases to exist, disposing of an asset to a company incorporated under another law, if the ownership of the company is not significantly different from the ownership of the body.
| Application and object of this Subdivision | |
| 620-10 | Application |
| 620-15 | Object |
| CGT consequences | |
| 620-20 | Disregard body ' s capital gains and losses from CGT assets |
| 620-25 | Cost base and pre-CGT status of CGT asset for company |
| Consequences for depreciating assets | |
| 620-30 | Roll-over relief for balancing adjustment events |
| Consequences for trading stock | |
| 620-40 | Body taken to have sold trading stock to company |
| Consequences for revenue assets | |
| 620-50 | Body taken to have sold revenue assets to company |
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