Taxation Laws Amendment Act (No. 7) 2000 (173 of 2000)
Schedule 6 Discount capital gains: integrity measures
Income Tax Assessment Act 1997
2 Subsection 115-30(1)
Repeal the subsection, substitute:
Entity is treated as acquiring some CGT assets early
(1) Sections 115-25, 115-40 and 115-45 (the affected sections ) apply as if an entity (the acquirer ) had acquired a *CGT asset described in an item of the table at the time mentioned in the item:
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When the acquirer is treated as having acquired a CGT asset |
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Item |
The affected sections apply as if the acquirer had acquired this CGT asset: |
At this time: |
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1 |
A *CGT asset the acquirer *acquired in circumstances giving rise to a *same-asset roll-over |
(a) when the entity that owned the CGT asset before the roll-over *acquired it; or (b) if the asset has been involved in an unbroken series of roll-overs - when the entity that owned it before the first roll-over in the series *acquired it |
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2 |
A *CGT asset that the acquirer *acquired as a replacement asset for a *replacement-asset roll-over |
(a) when the acquirer acquired the original asset involved in the roll-over; or (b) if the acquirer acquired the replacement asset for a roll-over that was the last in an unbroken series of replacement-asset roll-overs - when the acquirer acquired the original asset involved in the first roll-over in the series |
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3 |
A *CGT asset the acquirer *acquired as the *legal personal representative of a deceased individual, except one that was a *pre-CGT asset of the deceased immediately before his or her death |
When the deceased *acquired the asset |
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4 |
A *CGT asset that *passed to the acquirer as the beneficiary of a deceased individual's estate, except one that was a *pre-CGT asset of the deceased immediately before his or her death |
When the deceased *acquired the asset |
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5 |
A *CGT asset that: (a) the acquirer *acquired as the *legal personal representative of a deceased individual; and (b) was a *pre-CGT asset of the deceased immediately before his or her death |
When the deceased died |
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6 |
A *CGT asset that: (a) *passed to the acquirer as the beneficiary of a deceased individual's estate; and (b) was a *pre-CGT asset of the deceased immediately before his or her death |
When the deceased died |
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7 |
The interest (or share of an interest) the acquirer is taken under section 128-50 to have *acquired in another *CGT asset that the acquirer and another individual held as joint tenants immediately before he or she died |
When the deceased *acquired his or her interest in the other CGT asset |
Note: Under section 128-50, the acquirer is taken to acquire the interest of a deceased individual in a CGT asset the acquirer and the deceased held as joint tenants immediately before the deceased's death (or an equal share of that interest if there are other surviving joint tenants).
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