Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 122.160

Disposal of both post - CGT and pre - CGT interests

  (1)   If a partner * acquired some of the partner's interests in the asset on or after 20   September 1985 and some before that day, the partner is taken to have acquired a whole number of the * shares (but not all of them) before that day. The number is the greatest possible that (when expressed as a percentage of all the shares the partner acquires) does not exceed:

  the * market value of the interests in the asset that the partner acquired before that day;

expressed as a percentage of:

  the total of the market values of all the partner's interests in the asset.

  (2)   The first element of each other * share's * cost base is the sum of the cost bases of the partner's interests that the partner * acquired on or after that day (less any liabilities the company undertakes to discharge in respect of all of those interests) divided by the number of the other shares.

Note:   There are special indexation rules for roll - overs: see Division   114.

  (3)   The first element of each other * share's * reduced cost base is worked out similarly.

  (4)   The * market value of an interest in an asset is worked out when the partner * disposed of it. The * cost base or * reduced cost base of an interest in an asset is worked out at the same time.


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