Tax Law Improvement Act (No. 1) 1998 (46 of 1998)
2 CGT (new Parts 3-1, 3-3 and 3-5)
2 Consequential amendment of the Income Tax Assessment Act 1997
8 Paragraphs 41-20(1)(b) and (c)
Repeal the paragraphs, substitute:
(b) the disposal involves a *CGT event; and
(c) the conditions in an item in the table are satisfied.
|
CGT roll-overs that qualify transferor for relief under Common rule 1 |
||
|
Item |
Type of CGT roll-over |
Conditions |
|
1 |
Disposal of asset to wholly-owned company |
There is a roll-over under Subdivision 122-A for the *CGT event. |
|
2 |
Disposal of asset by partnership to wholly-owned company |
The transferor is a partnership, the property is partnership property, and there is a roll-over under Subdivision 122-B for the *disposal by the partners of the *CGT assets consisting of their interests in the property. |
|
3 |
Marriage breakdown |
There is a roll-over under Subdivision 126-A for the *CGT event. |
|
4 |
Disposal of asset to another member of the same wholly-owned group |
There is a roll-over under Subdivision 126-B for the *CGT event. |
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
