Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 122.120

This Subdivision sets out when the partners in a partnership can obtain a roll - over on transferring a CGT asset, or all the assets of a business, to a company. It also deals with the creation of a CGT asset in a company. There are consequences for the company also.

Table of sections

When is a roll - over available

122 - 125   Disposal or creation of assets--wholly - owned company

122 - 130   What the partners receive for the trigger event

122 - 135   Other requirements to be satisfied

122 - 140   What if the company undertakes to discharge a liability (disposal case)

122 - 145   Rules for working out what a liability in respect of an interest in an asset is

Replacement - asset roll - over if partners dispose of a CGT asset

122 - 150   Capital gain or loss disregarded

122 - 155   Disposal of post - CGT or pre - CGT interests

122 - 160   Disposal of both post - CGT and pre - CGT interests

Replacement - asset roll - over if the partners dispose of all the assets of a business

122 - 170   Capital gain or loss disregarded

122 - 175   Other consequences

122 - 180   All interests acquired on or after 20   September 1985

122 - 185   All interests acquired before 20   September 1985

122 - 190   Interests acquired before and after 20   September 1985

Replacement - asset roll - over for a creation case

122 - 195   Creation of asset

Same - asset roll - over consequences for the company (disposal case)

122 - 200   Consequences for the company (disposal case)

Same - asset roll - over consequences for the company (creation case)

122 - 205   Consequences for the company (creation case)