Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-J - CGT events relating to roll-overs  

SECTION 104-180   Sub-group break-up  

104-180(1)  
The condition in subsection (2) must have been satisfied at each time when there is a roll-over within the *wholly-owned group under Subdivision 126-B for a *CGT event happening in relation to the roll-over asset.

104-180(2)  
The originating company and the recipient company must have been members of a group of 2 or more companies (the sub-group ) within the *wholly-owned group (excluding the ultimate holding company) for which one of these is satisfied:


(a) if the sub-group consists of 2 companies, either the recipient company is a 100% subsidiary of the other company (the holding company ), or the other company is a 100% subsidiary of the recipient company (also the holding company );


(b) if the sub-group consists of 3 or more companies:


(i) the recipient company is a 100% subsidiary of one of those other companies (also the holding company ) and so are the other companies (except the holding company) in the sub-group; or

(ii) each of the companies in the sub-group (except the recipient company) is a 100% subsidiary of the recipient company (also the holding company ).

104-180(3)  
If the roll-over event was the last in a series of *CGT events involving the roll-over asset and there was a roll-over within the *wholly-owned group under Subdivision 126-B for all the events, each company that was the originating company or the recipient company for the purposes of that Subdivision for one of those roll-overs must have been members of the sub-group at the time of each of the roll-overs.

104-180(4)  
The conditions in subsection (5) or (6) must be satisfied just after the break-up time.

104-180(5)  
If the recipient company was the holding company of the sub-group, none of its *shares can be owned by:


(a) the ultimate holding company; or


(b) a company that is a *100% subsidiary of the ultimate holding company just after the break-up time.

104-180(6)  
If the recipient company was not the holding company of the sub-group, no *shares in it or in the holding company can be owned by:


(a) the ultimate holding company; or


(b) a company that is a *100% subsidiary of the ultimate holding company just after the break-up time.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.