Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-80 - ROLL-OVERS APPLYING TO ASSETS GENERALLY  

Division 615 - Roll-overs for business restructures  

Subdivision 615-C - Consequences of roll-overs  

SECTION 615-45   615-45   Additional consequences - deferral of profit or loss  


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

(ii) redeemed or cancelled as described in paragraph 615-10(1)(d) ;
had the character of being your *trading stock or *revenue assets; and


(d) the shares in the interposed company that you acquired in return for those shares or units have the same character.

Note 1:

Apply this section separately for assets of each character.

Note 2:

The CGT exemption for trading stock does not prevent you obtaining the roll-over (see section 615-60 ).


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.