INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 126 - Same-asset roll-overs  

Subdivision 126-G - Transfer of assets between certain trusts  

Operative provisions

SECTION 126-255   126-255   No other cost base etc. adjustment for beneficiaries  


If a beneficiary of the trusts makes adjustments under section 126-245 or 126-250 to the *cost base and *reduced cost base of the beneficiary's *membership interests in relation to the *CGT event that is:


(a) the creation of the receiving trust over the roll-over asset; or


(b) the transfer of the roll-over asset to the receiving trust;

no other adjustment is to be made under this Act to those cost bases and reduced cost bases because of something that happens in relation to that event.

Note:

This section prevents the general value shifting regime from applying in relation to the event because sections 126-245 and 126-250 deal with any value shift that might occur.


 

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