Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 124 - Replacement-asset roll-overs  

Subdivision 124-I - Change of incorporation  

Special consequences of some roll-overs

SECTION 124-530   Shares in company replacing pre-CGT and post-CGT mix of interest and rights in body  

124-530(1)  
This section applies if:


(a) you choose to obtain a roll-over under section 124-520 or 124-525 relating to *shares you have in the company on account of the following (your original assets ):


(i) your interest in the body mentioned in that section;

(ii) your other rights relating to the body mentioned in that section; and


(b) you *acquired some of your original assets before 20 September 1985 and the rest of them on or after that day.

124-530(2)  
You are taken to have *acquired so many of the *shares before 20 September 1985 as is reasonable, having regard to:


(a) the number and *market value of your original assets; and


(b) the number and market value of the shares.

124-530(3)  
The first element of the *cost base of each of the *shares not taken by subsection (2) to have been *acquired before 20 September 1985 (your post-CGT shares ) is such amount as is reasonable having regard to:


(a) the total of the cost bases of your original assets that you acquired on or after 20 September 1985; and


(b) the number and *market value of your post-CGT shares.

124-530(4)  
The reduced cost base of each of your post-CGT shares is worked out similarly.

124-530(5)  
This section has effect despite subsections 124-15(5) and (6) .


 

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