Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 115.32

  (1)   This section applies if:

  (a)   a * CGT event happens to:

  (i)   your * share in a company; or

  (ii)   your * trust voting interest, unit or other fixed interest in a trust; and

  (b)   you * acquired the share or interest as a replacement asset for a * replacement - asset roll - over (other than a roll - over covered by paragraph   115 - 34(1)(c)); and

  (c)   at the time of the CGT event, the company or trust:

  (i)   owns a * membership interest in an entity (the original entity ); and

  (ii)   has owned that membership interest for less than 12 months; and

  (d)   that membership interest is the original asset for the roll - over.

Note:   This section does not affect the time when you are treated as having acquired the replacement asset. That time is worked out under item   2 of the table in subsection   115 - 30(1).

Application of tests about the assets of the company or trust

  (2)   Subsection   115 - 45(4) applies as if the company or trust had * acquired the original asset at least 12 months before the * CGT event, if the condition in that subsection would not be met were it to be applied to the original entity and the CGT event.

  (3)   Subsection   115 - 45(6) applies as if the company or trust had * acquired the original asset at least 12 months before the * CGT event, if the condition in subsection   115 - 45(5) would not be met were it to be applied to the original entity and the CGT event.