Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 620 - Assets of wound-up corporation passing to corporation with not significantly different ownership  

Subdivision 620-A - Corporations covered by Subdivision 124-I  

Guide to Subdivision 620-A

SECTION 620-5   What this Subdivision is about  


There are tax-neutral consequences of a body, that is incorporated under one law and ceases to exist, disposing of an asset to a company incorporated under another law, if the ownership of the company is not significantly different from the ownership of the body.


TABLE OF SECTIONS
TABLE OF SECTIONS
Application and object of this Subdivision
620-10 Application
620-15 Object
CGT consequences
620-20 Disregard body ' s capital gains and losses from CGT assets
620-25 Cost base and pre-CGT status of CGT asset for company
Consequences for depreciating assets
620-30 Roll-over relief for balancing adjustment events
Consequences for trading stock
620-40 Body taken to have sold trading stock to company
Consequences for revenue assets
620-50 Body taken to have sold revenue assets to company


 

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