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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 112 - Modifications to cost base and reduced cost base  

Subdivision 112-D - Same-asset roll-overs  

SECTION 112-145  

112-145  How is the cost base of the asset modified?  

 [No equivalent]
If the transferor acquired the asset on or after 20 September 1985:


(a) the first element of the asset's cost base (in the hands of the transferee) is replaced by the asset's cost base at the time the transferee acquired it; and


(b) the first element of the asset's reduced cost base (in the hands of the transferee) is replaced by the asset's reduced cost base at the time the transferee acquired it.

Note 1:

If the transferor acquired the asset before 20 September 1985, the transferee is taken to have acquired it before that day: see Subdivision 126-A.

Note 2:

The reduced cost base may be further modified if the same asset roll-over happens after a demerger: see section 125-170.


 



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