Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 124.245

Exchange of units in the same unit trust

                   You can choose to obtain a roll-over if:

                     (a)  you own units (the original units ) of a certain class in a unit trust; and

                     (b)  the trustee redeems or cancels all units of that class; and

                     (c)  the trustee issues you with new units (and you receive nothing else) in substitution for the original units; and

                     (d)  the * market value of the new units just after they were issued is at least equal to the market value of the original units just before they were redeemed or cancelled; and

                     (e)  one of these requirements is satisfied:

                              (i)  you are an Australian resident at the time of the redemption or cancellation; or

                             (ii)  if you are a foreign resident at that time--the original units were * taxable Australian property just before that time and the new units are taxable Australian property when they are issued.

Note:          The roll-over consequences are set out in Subdivision 124-A. The original assets are the original units. The new assets are the new units.

Table of sections

124-295    Exchange of rights or option to acquire shares in a company

124-300    Exchange of rights or option to acquire units in a unit trust



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