Income Tax Assessment Act 1997
This section applies if:
(a) there is a roll-over for the trigger event under section 126-15 ; and
(b) the transferor was:
(i) a *CFC; or
(ii) a trustee of a trust that is a non-resident trust estate within the meaning of section 102AAB of the Income Tax Assessment Act 1936 for the income year of the trigger event; and
(c) section 126-15 is relevant to:
(i) the calculation of the *attributable income of the CFC under Division 7 of Part X of the Income Tax Assessment Act 1936 ; or
because (ignoring the residency assumptions in that Division or Subdivision) the roll-over asset was not *taxable Australian property; and
(ii) the calculation of the attributable income of the trust under Subdivision D of Division 6AAA of Part III of that Act;
(d) a subsequent *CGT event happens in relation to the roll-over asset.
In working out the amount of any *capital gain or *capital loss the transferee (or a subsequent owner of the roll-over asset if there is a series of roll-overs until there is no roll-over) makes when a subsequent *CGT event happens in relation to the asset, the modifications specified in Division 7 of Part X, or Subdivision D of Division 6AAA of Part III, of the Income Tax Assessment Act 1936 apply.
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