Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 115.34

  (1)   This section applies if:

  (a)   a * CGT event happens to your * share in a company; and

  (b)   at the time of the CGT event, you had owned the share for less than 12 months; and

  (c)   you * acquired the share as a replacement asset for:

  (i)   a * replacement - asset roll - over under Subdivision   122 - A (disposal of assets by individuals or trustees to a wholly - owned company) for which you * disposed of a * CGT asset, or all the assets of a * business, to the company; or

  (ii)   a replacement - asset roll - over under Subdivision   122 - B (disposal of assets by partners to a wholly - owned company) for which you disposed of your interests in a CGT asset, or your interests in all the assets of a business, to the company; or

  (iii)   a replacement - asset roll - over under Subdivision   124 - N (disposal of assets by trusts to a company) for which a trust of which you were a beneficiary disposed of all of its CGT assets to the company.

Application of tests about when you acquired the share

  (2)   Sections   115 - 25 and 115 - 40 apply as if you had * acquired the * share at least 12 months before the * CGT event.

Application of tests about the company's assets

  (3)   For each asset mentioned in subparagraph   (1)(c)(i), subsections   115 - 45(4) and (6) apply as if the company had * acquired that asset when you acquired it.

  (4)   For each asset mentioned in subparagraph   (1)(c)(ii), subsections   115 - 45(4) and (6) apply as if the company had * acquired that asset when you acquired your interests in it.

  (5)   For each asset mentioned in subparagraph   (1)(c)(iii), subsections   115 - 45(4) and (6) apply as if the company had * acquired that asset when the trust acquired it.

Relationship with Subdivision   109 - A

  (6)   This section has effect despite Subdivision   109 - A (which contains rules about the time of acquisition of CGT assets).