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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 109 - Acquisition of CGT assets  

Subdivision 109-B - Signposts to other acquisition rules  

SECTION 109-55  

109-55  Other acquisition rules  

 View history reference [No equivalent]
This table sets out other acquisition rules in this Part and Part 3-3. Some of the rules have effect only for limited purposes.
Other acquisition rules
ItemIn these circumstances:You acquire the asset at this time:See:
1A CGT asset devolves to you as legal personal representative of a deceased individualwhen the individual diedsection 128-15
.......... .
2A CGT asset passes to you as beneficiary in the estate of a deceased individualwhen the individual diedsections 128-15 and 128-25
.......... .
3A surviving joint tenant acquires deceased joint tenant ' s interest in a CGT assetwhen the deceased diedsection 128-50
.......... .
4You get only a partial exemption under Subdivision 118-B for a CGT event happening to a CGT asset that is a dwelling, but you would have got a full exemption if the CGT event had happened just before the first time the dwelling was used for that purposeat that timesection 118-192
.......... .
5The trustee of a deceased estate acquires a dwelling under the deceased ' s will for you to occupy, and you obtain an interest in itwhen the trustee acquired itsection 118-210
.......... .
6You obtain a replacement-asset roll-over for replacing an asset you acquired before 20 September 1985before 20 September 1985Divisions 122 and 124
.......... .
6A(Repealed by No 109 of 2014)  
.......... .
7You obtain a replacement-asset roll-over for a Crown lease, or a prospecting or mining entitlement that is renewed or replaced and part of the new entitlement relates to a part of the old one that you acquired before 20 September 1985before 20 September 1985 (for that part of the new entitlement that relates to the pre-CGT part of the old one)sections 124-595 and 124-725
.......... .
7A - 7B(Repealed by No 109 of 2014)  
.......... .
8You obtain a same-asset roll-over for a CGT asset the transferor acquired before 20 September 1985before 20 September 1985Subdivision 124-N and Divisions 122 and 126
.......... .
8AThere is a same-asset roll-over for a CGT event that happens to a CGT asset (acquired on or after 20 September 1985) because the trust deed of a fund is changed and you are the fund that owns the asset after the CGT eventat the time of the CGT eventSubdivision 126-C
.......... .
8BThere is a same-asset roll-over for a CGT event that happens to a CGT assetwhen the entity that owned the asset before the roll-over acquired itsection 115-30
.......... .
8CYou obtain a replacement-asset roll-over (other than a roll-over covered by section 115-34) for replacing a CGT assetwhen you acquired the original asset involved in the roll-oversection 115-30
.......... .
8DA CGT asset devolves to you as legal personal representative of a deceased individualwhen the deceased acquired the asset (unless it was a pre-CGT asset just before his or her death)section 115-30
.......... .
8EA CGT asset passes to you as beneficiary in the estate of a deceased individualwhen the deceased acquired the asset (unless it was a pre-CGT asset just before his or her death)section 115-30
.......... .
8FA surviving joint tenant acquires a deceased joint tenant ' s interest in a CGT assetwhen the deceased acquired the interestsection 115-30
.......... .
8GYou hold a membership interest in the receiving trust involved in a roll-over under Subdivision 126-Gwhen you acquired the corresponding membership interest in the transferring trust involved in the roll-oversection 115-30
.......... .
9A company or trustee of a unit trust issues you with bonus equities and no amount is included in your assessable incomeif the original equities are post-CGT assets, or are pre-CGT assets and fully paid - when you acquired the original equities; or
if the original equities are pre-CGT assets and you had to pay an amount for the bonus equities - when the liability to pay arose
section 130-20
.......... .
10You own shares in a company or units in a unit trust and you exercise rights to acquire new equities in the company or trustfor the rights if you acquired them from the company or trustee - when you acquired the original equities; or
for the new equities - when you exercise the rights
section 130-40
.......... .
11You acquire shares in a company or units in a unit trust by converting a convertible interestwhen the conversion of the convertible interest happenedsection 130-60
.......... .
11AYou acquire shares in a company in exchange for the disposal of an exchangeable interest, and the disposal of the exchangeable interest was to:when the disposal of the exchangeable interest happenedsection 130-105
 (a)the issuer of the exchangeable interest; or  
 (b)a connected entity of the issuer of the exchangeable interest  
.......... .
11BYou acquire shares in a company in exchange for the redemption of an exchangeable interestwhen the redemption of the exchangeable interest happenedsection 130-105
.......... .
12(Repealed by No 133 of 2009)  
.......... .
13You (as a lessee of land) acquire the reversionary interest of the lessor and there is no roll-over for the acquisitionif term of lease was for 99 years or more - when the lease was granted or assigned to you; or
if term of lease less than 99 years - when the reversionary interest acquired
section 132-15
.......... .
14You acquired a CGT asset before 20 September 1985, and there has since been a change in the majority underlying interests in the assetat the time of the changeDivision 149
.......... .
15You become an Australian resident (but not a temporary resident) and you owned a CGT asset that you acquired on or after 20 September 1985 and that was not *taxable Australian propertywhen you become an Australian resident (but not a temporary resident)section 855-45
.......... .
15AYou are a temporary resident, you then cease to be a temporary resident (but remain, at that time, an Australian resident) and you owned a CGT asset that you acquired on or after 20 September 1985 and that was not *taxable Australian propertywhen you cease to be a temporary residentsection 768-955
.......... .
16A trust of which you are trustee becomes a resident trust for CGT purposes and you owned a CGT asset that you acquired on or after 20 September 1985 and that was not *taxable Australian propertywhen the trust becomes a resident trust for CGT purposessection 855-50
.......... .
17There is a roll-over under Subdivision 126-B for a CGT event and you are the company owning the roll-over asset just after the roll-over and you stop being a 100% subsidiary of another company in the wholly-owned groupwhen you stopsection 104-175

Note:

Section 115-34 sets out other acquisition rules for certain cases involving replacement-asset roll-overs covered by that section.

[ CCH Note: Act No 173 of 2000, s 3 and Sch 4 item 30, provides for the amendment of s 109-55 (table) by omitting " not " from the column referring to " circumstances " in item 9. This amendment could not be consolidated, as it was previously effected by No 58 of 2000, s 3 and Sch 8 item 19.]


 



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