INCOME TAX ASSESSMENT ACT 1997
This section applies if the beneficiary owns one or more *membership interests in the transferring trust at all times during the period:
(a) starting just before this time (the starting time ):
(i) the transfer time; or
(ii) the transfer time for an asset referred to in paragraph 126-225(2)(c) (assuming subsection 126-225(2) applies); and
(b) ending just after this time (the ending time ):
(i) the transfer time (assuming this is not also the starting time); or
(ii) a later time in the transfer year that is the transfer time for another asset for which a roll-over is obtained under this Subdivision for the trusts.
Subsection 126-225(2) applies if the roll-over asset is transferred to the receiving trust after an earlier roll-over under this Subdivision, for another asset, was obtained for the trusts.126-250(2)
The beneficiary may choose for each of the following:
(a) the *cost base and *reduced cost base of each of those *membership interests and of the beneficiary ' s corresponding membership interests in the receiving trust;
(b) the time each of those corresponding interests in the receiving trust is treated as having been *acquired;
to be adjusted under subsection (3) for the period.126-250(3)
For each of the interests referred to in subsection (2), subsections 126-245(2) , (3) , (4) , (5) and (6) apply as if:
(a) references in those subsections to just before the transfer time were references to just before the starting time; and
(b) references in those subsections to just after the transfer time were references to just after the ending time.
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