Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 126.135

Consequences of roll-over

             (1)  A * capital gain or * capital loss made from the * CGT event is disregarded.

             (2)  If the fund that owned the * CGT asset just before the time of the * CGT event * acquired it before 20 September 1985, the asset retains its status as a * pre-CGT asset in the hands of the fund that owned it after the time of the event.

             (3)  If the fund that owned the * CGT asset just before the time of the * CGT event * acquired it on or after 20 September 1985:

                     (a)  the first element of the asset's * cost base (in the hands of the fund that owned the asset after the time of the event) is its cost base just before that time; and

                     (b)  the first element of the asset's * reduced cost base asset is worked out similarly; and

                     (c)  the fund that owned the asset after the time of the event is taken to have acquired the asset at that time.

Table of sections

126-140    CGT event involving small superannuation funds



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