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INCOME TAX ASSESSMENT ACT 1997 - SECT 109.55

Other acquisition rules

                   This table sets out other acquisition rules in this Part and Part 3-3. Some of the rules have effect only for limited purposes.

 

Other acquisition rules


Item


In these circumstances

You acquire the asset at this time:


See:

1

A CGT asset devolves to you as legal personal representative of a deceased individual

when the individual died

section 128-15

2

A CGT asset passes to you as beneficiary in the estate of a deceased individual

when the individual died

sections 128-15 and 128- 25

3

A surviving joint tenant acquires deceased joint tenant's interest in a CGT asset

when the deceased died

section 128-50

4

You get only a partial exemption under Subdivision 118-B for a CGT event happening to a CGT asset that is a dwelling, but you would have got a full exemption if the CGT event had happened just before the first time the dwelling was used for that purpose

at that time

section 118-192

5

The trustee of a deceased estate acquires a dwelling under the deceased's will for you to occupy, and you obtain an interest in it

when the trustee acquired it

section 118- 210

6

You obtain a replacement-asset roll-over for replacing an asset you acquired before 20 September 1985

before 20 September 1985

Divisions 122 and 124

7

You obtain a replacement-asset roll-over for a Crown lease, or a prospecting or mining entitlement that is renewed or replaced and part of the new entitlement relates to a part of the old one that you acquired before 20 September 1985

before 20 September 1985 (for that part of the new entitlement that relates to the pre-CGT part of the old one)

sections 124-595 and 124-725

8

You obtain a same-asset roll-over for a CGT asset the transferor acquired before 20 September 1985

before 20 September 1985

Subdivision
124-N and Divisions 122 and 126

8A

There is a same-asset roll-over for a CGT event that happens to a CGT asset (acquired on or after 20 September 1985) because the trust deed of a fund is changed and you are the fund that owns the asset after the CGT event

at the time of the CGT event

Subdivision
126-C

8B

There is a same-asset roll-over for a CGT event that happens to a CGT asset

when the entity that owned the asset before the roll-over acquired it

section 115-30

8C

You obtain a replacement-asset roll-over (other than a roll-over covered by section 115-34) for replacing a CGT asset

when you acquired the original asset involved in the roll-over

section 115-30

8D

A CGT asset devolves to you as legal personal representative of a deceased individual

when the deceased acquired the asset (unless it was a pre-CGT asset just before his or her death)

section 115-30

8E

A CGT asset passes to you as beneficiary in the estate of a deceased individual

when the deceased acquired the asset (unless it was a pre-CGT asset just before his or her death)

section 115-30

8F

A surviving joint tenant acquires a deceased joint tenant's interest in a CGT asset

when the deceased acquired the interest

section 115-30

8G

You hold a membership interest in the receiving trust involved in a roll-over under Subdivision 126-G

when you acquired the corresponding membership interest in the transferring trust involved in the roll-over

section 115-30

9

A company or trustee of a unit trust issues you with bonus equities and no amount is included in your assessable income

if the original equities are post-CGT assets, or are pre-CGT assets and fully paid--when you acquired the original equities; or
if the original equities are pre-CGT assets and you had to pay an amount for the bonus equities--when the liability to pay arose

section 130-20

10

You own shares in a company or units in a unit trust and you exercise rights to acquire new equities in the company or trust

for the rights
if you acquired them from the company or trustee--when you acquired the original equities; or
for the new equities--when you exercise the rights

section 130-40

11

You acquire shares in a company or units in a unit trust by converting a convertible interest

when the conversion of the convertible interest happened

section 130-60

11A

You acquire shares in a company in exchange for the disposal of an exchangeable interest, and the disposal of the exchangeable interest was to:

(a) the issuer of the exchangeable interest; or

(b) a connected entity of the issuer of the exchangeable interest

when the disposal of the exchangeable interest happened

section 130- 105

11B

You acquire shares in a company in exchange for the redemption of an exchangeable interest

when the redemption of the exchangeable interest happened

section 130- 105

13

You (as a lessee of land) acquire the reversionary interest of the lessor and there is no roll-over for the acquisition

if term of lease was for 99 years or more--when the lease was granted or assigned to you; or
if term of lease less than 99 years--when the reversionary interest acquired

section 132-15

14

You acquired a CGT asset before 20 September 1985, and there has since been a change in the majority underlying interests in the asset

at the time of the change

Division 149

15

You become an Australian resident (but not a temporary resident) and you owned a CGT asset that you acquired on or after 20 September 1985 and that was not * taxable Australian property

when you become an Australian resident (but not a temporary resident)

section 855- 45

15A

You are a temporary resident, you then cease to be a temporary resident (but remain, at that time, an Australian resident) and you owned a CGT asset that you acquired on or after 20 September 1985 and that was not * taxable Australian property

when you cease to be a temporary resident

section 768-955

16

A trust of which you are trustee becomes a resident trust for CGT purposes and you owned a CGT asset that you acquired on or after 20 September 1985 and that was not * taxable Australian property

when the trust becomes a resident trust for CGT purposes

section 855-50

17

There is a roll-over under Subdivision 126-B for a CGT event and you are the company owning the roll-over asset just after the roll-over and you stop being a 100% subsidiary of another company in the wholly-owned group

when you stop

section 104- 175

Note:          Section 115-34 sets out other acquisition rules for certain cases involving replacement-asset roll-overs covered by that section.



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