Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 126.75

Originating company is a CFC

  (1)   This section applies if:

  (a)   there is a roll - over for the trigger event under this Subdivision; and

  (b)   the originating company was a * CFC at the time of the trigger event; and

  (c)   this Subdivision is relevant to the calculation of the * attributable income of the originating company under Division   7 of Part   X of the Income Tax Assessment Act 1936 because (ignoring the residency assumptions in that Division) the roll - over asset was not * taxable Australian property for the originating company; 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 recipient company (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 of the Income Tax Assessment Act 1936 apply.


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