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INCOME TAX ASSESSMENT ACT 1997 - SECT 124.1120

Roll-over consequences--all original entitlements post-CGT

             (1)  In a situation covered by subsection 124-1105(1), if you * acquired the original entitlement on or after 20 September 1985, the first element of the * cost base of the new entitlement (or of each of the new entitlements) is such amount as is reasonable having regard to:

                     (a)  the cost base and * market value of the original entitlement; and

                     (b)  the number and market value of the new entitlements; and

                     (c)  any amount you paid to get the new entitlement (which can include giving property: see section 103-5).

             (2)  In a situation covered by subsection 124-1105(2), if you * acquired the original entitlements on or after 20 September 1985, the first element of the * cost base of the new entitlement (or of each of the new entitlements) is such amount as is reasonable having regard to:

                     (a)  the total of the cost bases of all the original entitlements; and

                     (b)  the number and * market value of the original entitlements; and

                     (c)  the number and market value of the new entitlements; and

                     (d)  any amount you paid to get the new entitlements (which can include giving property: see section 103-5).

             (3)  In the situation covered by subsection 124-1105(1) or (2), the first element of the * reduced cost base of the new entitlement (or of each of the new entitlements) is worked out similarly.

             (4)  For the purposes of paragraphs (1)(b) and (2)(c), the * market value of the new entitlements is their market value at the time you * acquired them.



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