Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 115.30

Entity is treated as acquiring some CGT assets early

  (1)   Sections   115 - 25, 115 - 40, 115 - 45, 115 - 105, 115 - 110 and 115 - 115 (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:

 

When the acquirer is treated as having acquired a CGT asset
Item	The affected sections apply as if the acquirer had acquired this CGT asset:	At this time:
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
2	A * CGT asset that the acquirer * acquired as a replacement asset for a * replacement - asset roll - over (other than a roll - over covered by paragraph   115 - 34(1)(c))	(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 (other than roll - overs covered by paragraph   115 - 34(1)(c))--when the acquirer acquired the original asset involved in the first roll - over in the series
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
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
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
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
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
9	A * CGT asset that: (a) is a * membership interest in the receiving trust involved in a roll - over under Subdivision   126 - G; and (b) is held by the acquirer just after the transfer time for the roll - over	(a) when the acquirer * acquired the corresponding membership interest (or membership interests) in the transferring trust involved in the roll - over; or (b) if the roll - over asset for the roll - over has been involved in an unbroken series of roll - overs under Subdivision   126 - G--when the acquirer acquired the corresponding membership interest (or membership interests) in the transferring trust involved in the first roll - over in the series
9A	A * share the acquirer * acquires by exercising an * ESS interest if: (a) section   83A - 33 (about start ups) reduces the amount to be included in the acquirer's assessable income in relation to the ESS interest; and (b) exercising the ESS interest causes Subdivision   130 - B or Division   134 to apply	When the acquirer * acquired the * ESS interest
10	A * CGT asset that the acquirer * acquired as a received asset for a roll - over under Subdivision   310 - D	(a) when the transferring entity for the roll - over acquired the corresponding original asset for the roll - over; or (b) if that original asset (or any asset corresponding to it) has been involved in an unbroken series of roll - overs--when the entity that owned the applicable asset before the first roll - over in the series acquired it

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).

  (1A)   For the purposes of sections   115 - 105, 115 - 110 and 115 - 115, item   2 of the table in subsection   (1) applies in relation to all * replacement - asset roll - overs, including those covered by paragraph   115 - 34(1)(c).

CGT event E8

  (2)   For the purposes of applying sections   115 - 25 and 115 - 40 in relation to * CGT event E8 and the * CGT asset consisting of a beneficiary's interest in trust capital, it does not matter how long the trustee owned any of the assets of the trust.

Note:   Section   115 - 45 limits the effect of this subsection in some cases.

Relationship with Subdivision   109 - A and Division   128

  (3)   This section has effect despite Subdivision   109 - A and Division   128 (which contain rules about the time when you * acquire a * CGT asset).