Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 716.855

Working out the cost base or reduced cost base of a pre-CGT asset after certain roll-overs

                   If:

                     (a)  it is necessary for the purposes of this Part to work out the * cost base or * reduced cost base of a * pre-CGT asset owned at a particular time; and

                     (b)  before that time:

                              (i)  the owner was the recipient company involved in a roll-over under Subdivision 126-B in relation to a * CGT event that happened in relation to the CGT asset; or

                             (ii)  the owner was the transferee in relation to a disposal of the CGT asset to which former section 160ZZO of the Income Tax Assessment Act 1936 applied;

the cost base or reduced cost base is worked out as if, in applying Subdivision 126-B or former section 160ZZO in relation to the CGT event or the disposal, the provisions of that Subdivision or section applying to CGT assets * acquired on or after 20 September 1985 replaced those that applied to CGT assets acquired on or before that date.

Note:          The effect is that the owner's cost base or reduced cost base will be the same as that of the originating company or transferor, as is the case with post-CGT assets.



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