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INCOME TAX ASSESSMENT ACT 1997 - SECT 360.65

Separate modified CGT treatment for roll-overs about wholly-owned companies or scrip for scrip roll-overs

             (1)  If:

                     (a)  a * share mentioned in subsection 360-50(1) has been continuously held by the entity mentioned in that subsection; and

                     (b)  then:

                              (i)  the share, or interests in the share, are * disposed of in a way that gives rise to a trigger event (see section 122-15 or 122- 125) for a roll-over under Division 122; or

                             (ii)  the share becomes the original interest (see paragraph 124-780(1)(a)) for a roll-over under Subdivision 124-M; and

                     (c)  the roll-over happens on or after the first anniversary, but before the tenth anniversary, of the issue of the share;

the * first element of the * cost base and * reduced cost base of the share just before the roll-over is taken to be its * market value at that time.

Note:          This subsection is a separate modified CGT treatment, and not a continuation of the modifications made by section 360-50.

             (2)  If:

                     (a)  an asset mentioned in paragraph 360-60(2)(a) for a roll-over has been continuously held by the entity that * acquired that asset for that roll-over; and

                     (b)  then:

                              (i)  that asset, or interests in that asset, are * disposed of in a way that gives rise to a trigger event (see section 122-15 or 122- 125) for a roll-over under Division 122; or

                             (ii)  that asset becomes the original interest (see paragraph 124-780(1)(a)) for a roll-over under Subdivision 124-M; and

                     (c)  the later roll-over happens on or after the first anniversary, but before the tenth anniversary, of the issue of the original share (see subsection 360-60(2) for the earlier roll-over;

the * first element of the * cost base and * reduced cost base of that asset just before the later roll-over is taken to be its * market value at that time.

Note:          This subsection is a separate modified CGT treatment, and not a continuation of the modifications made by section 360-50.

Table of Subdivisions

376-A   Guide to Division 376

376-B    Tax offsets for Australian expenditure in making a film

376-C    Production expenditure and qualifying Australian production expenditure

376-D   Certificates for films and other matters



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