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 124-535   Rights as member of Indigenous corporation replacing pre-CGT and post-CGT mix of interest and rights in body  

124-535(1)  
This section applies if:


(a) you choose to obtain a roll-over under section 124-520 or 124-525 relating to rights (the replacement rights ) you have as a *member of a company incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 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 any of your original assets before 20 September 1985.

124-535(2)  
You are taken to have *acquired the replacement rights before 20 September 1985.

124-535(3)  
This section has effect despite subsection 124-15(5) .


 

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