(1) The first element of the * cost base and * reduced cost base of a * CGT asset is the amount worked out using the formula in subsection (2) if:
(a) the asset is a CGT asset (a demutualisation asset ) covered by section 316 - 110; and
(b) the asset is issued to an entity covered by section 316 - 115.
(2) The formula is:
Time of acquisition
(3) The entity is taken to have * acquired
the * CGT asset at the time it is issued.