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INCOME TAX ASSESSMENT ACT 1997 - SECT 310.50

Choosing the form of the assets roll-over

             (1)  An entity that chooses a roll-over under this Subdivision must choose the form of the roll-over that applies to each of the following:

                     (a)  the original assets that are not * revenue assets;

                     (b)  the original assets that are revenue assets.

             (2)  In respect of original assets that are not * revenue assets, the entity choosing the roll-over must choose either section 310- 55 (global asset approach) or 310-60 (individual asset approach) to apply to the original assets and the corresponding received assets.

             (3)  In respect of original assets that are * revenue assets, the entity choosing the roll-over must choose either section 310- 65 (global asset approach) or 310-70 (individual asset approach) to apply to the original assets and the corresponding received assets.

Note:          The entity choosing the form of the roll-over may choose different forms of roll-over for its CGT assets and revenue assets.

Table of sections

310-55      CGT assets--if global asset approach chosen

310-60      CGT assets--individual asset approach

310-65      Revenue assets--if global asset approach chosen

310-70      Revenue assets--individual asset approach

310-75      Further consequences for roll-overs involving life insurance companies



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