Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 126.20

  (1)   This section applies if:

  (a)   there is a roll - over for the trigger event under section   126 - 15; and

  (b)   the transferor was:

  (i)   a * CFC; or

  (ii)   a trustee of a trust that is a non - resident trust estate within the meaning of section   102AAB of the Income Tax Assessment Act 1936 for the income year of the trigger event; and

  (c)   section   126 - 15 is relevant to:

  (i)   the calculation of the * attributable income of the CFC under Division   7 of Part   X of the Income Tax Assessment Act 1936 ; or

  (ii)   the calculation of the attributable income of the trust under Subdivision D of Division   6AAA of Part   III of that Act;

    because (ignoring the residency assumptions in that Division or Subdivision) the roll - over asset was not * taxable Australian property; and

  (d)   a subsequent * CGT event happens in relation to the roll - over asset.

  (2)   In working out the amount of any * capital gain or * capital loss the transferee (or a subsequent owner of the roll - over asset if there is a series of roll - overs until there is no roll - over) makes when a subsequent * CGT event happens in relation to the asset, the modifications specified in Division   7 of Part   X, or Subdivision D of Division   6AAA of Part   III, of the Income Tax Assessment Act 1936 apply.