Tax Laws Amendment (2011 Measures No. 9) Act 2012 (12 of 2012)

Schedule 2   Capital gains tax and certain business restructures

Part 3   Roll-overs for change of incorporation

Division 2   Consequential amendments

Income Tax Assessment Act 1997

19   At the end of subsection 70-80(1)

Add:

Note: An incorporated body is treated as disposing of an item of its trading stock in the ordinary course of business if the body ceases to exist and disposes of the asset to a company that has not significantly different ownership: see Division 620.