INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

Subdivision 328-G - Restructures of small businesses  

Requirements for a roll-over under this Subdivision

SECTION 328-440   328-440   Ultimate economic ownership - discretionary trusts  


For the purposes of paragraph 328-430(1)(c) , a transaction does not have the effect of changing the ultimate economic ownership of an asset, or any individual ' s share of that ultimate economic ownership, if:


(a) either or both of the following applies:


(i) just before the transaction took effect, the asset was included in the property of a *non-fixed trust that was a *family trust;

(ii) just after the transaction takes effect, the asset is included in the property of a non-fixed trust that is a family trust; and


(b) every individual who, just before the transfer took effect, had the ultimate economic ownership of the asset was a member of the family group (within the meaning of Schedule 2F to the Income Tax Assessment Act 1936 ) relating to the trust or trusts referred to in paragraph (a); and


(c) every individual who, just after the transfer takes effect, has the ultimate economic ownership of the asset is a member of that family group.


 

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