Income Tax Assessment Act 1997
View history note
Hide history noteYou can choose to obtain a roll-over if:
(a) you own *shares (the original shares ) of a certain class in a company; and
(b) the company redeems or cancels all shares of that class; and
(c) the company issues you with new shares (and you receive nothing else) in substitution for the original shares; and
(d) the *market value of the new shares just after they were issued is at least equal to the market value of the original shares just before they were redeemed or cancelled; and
(e) the *paid-up share capital of the company just after the new shares were issued is the same as just before the original shares were redeemed or cancelled; and
(f) one of these requirements is satisfied:
(i) you are an Australian resident at the time of the redemption or cancellation; or
(ii) if you are a foreign resident at that time - the original shares were *taxable Australian property just before that time and the new shares are taxable Australian property when they are issued.
Note 1:
The roll-over consequences are set out in Subdivision 124-A . The original assets are the original shares. The new assets are the new shares.
Note 2:
Section 103-25 tells you when you have to make the choice.
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