Income Tax Assessment Act 1997
The additional consequences in sections 615-50 and 615-55 apply if:
(a) under this Division:
(i) you are taken to have chosen to obtain the roll-over; or
(ii) you otherwise choose to obtain the roll-over; and
(b) if subparagraph (a)(ii) applies to you, you choose for these additional consequences to apply; and
(c) some or all of your *shares or units in the original entity at the time immediately before they were:
(i) disposed of as described in paragraph 615-5(1)(c) ; or
had the character of being your *trading stock or *revenue assets; and
(ii) redeemed or cancelled as described in paragraph 615-10(1)(d) ;
(d) the shares in the interposed company that you acquired in return for those shares or units have the same character.
Apply this section separately for assets of each character.
The CGT exemption for trading stock does not prevent you obtaining the roll-over (see section 615-60 ).
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