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INCOME TAX ASSESSMENT ACT 1997 - SECT 115.34

Further special rule about time of acquisition for certain replacement-asset roll-overs

             (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).

What are not discount capital gains?



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