Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 126.255

No other cost base etc. adjustment for beneficiaries

                   If a beneficiary of the trusts makes adjustments under section 126- 245 or 126-250 to the * cost base and * reduced cost base of the beneficiary's * membership interests in relation to the * CGT event that is:

                     (a)  the creation of the receiving trust over the roll-over asset; or

                     (b)  the transfer of the roll-over asset to the receiving trust;

no other adjustment is to be made under this Act to those cost bases and reduced cost bases because of something that happens in relation to that event.

Note:          This section prevents the general value shifting regime from applying in relation to the event because sections 126- 245 and 126-250 deal with any value shift that might occur.



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