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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 115 - Discount capital gains and trusts' net capital gains    View history reference

Subdivision 115-A - Discount capital gains    View history reference

What is a discount capital gain?

SECTION 115-30  Special rules about time of acquisition  

 View history reference

Entity is treated as acquiring some CGT assets early

115-30(1)  

 View history reference
Sections 115-25, 115-40, 115-45, 115-105, 115-110 and 115-115 (the affected sections) apply as if an entity (the acquirer) had acquired a *CGT asset described in an item of the table at the time mentioned in the item:
When the acquirer is treated as having acquired a CGT asset
ItemThe affected sections apply as if the acquirer had acquired this CGT asset:At this time:
1A *CGT asset the acquirer *acquired in circumstances giving rise to a *same-asset roll-over(a)when the entity that owned the CGT asset before the roll-over *acquired it; or
   (b)if the asset has been involved in an unbroken series of roll-overs - when the entity that owned it before the first roll-over in the series *acquired it
...........
2A *CGT asset that the acquirer *acquired as a replacement asset for a *replacement-asset roll-over (other than a roll-over covered by paragraph 115-34(1)(c))(a)when the acquirer acquired the original asset involved in the roll-over; or
   (b)if the acquirer acquired the replacement asset for a roll-over that was the last in an unbroken series of replacement-asset roll-overs (other than roll-overs covered by paragraph 115-34(1)(c)) - when the acquirer acquired the original asset involved in the first roll-over in the series
...........
3A *CGT asset the acquirer *acquired as the *legal personal representative of a deceased individual, except one that was a *pre-CGT asset of the deceased immediately before his or her deathWhen the deceased *acquired the asset
...........
4A *CGT asset that *passed to the acquirer as the beneficiary of a deceased individual's estate, except one that was a *pre-CGT asset of the deceased immediately before his or her deathWhen the deceased *acquired the asset
...........
5A *CGT asset that:When the deceased died
 (a)the acquirer *acquired as the *legal personal representative of a deceased individual; and  
 (b)was a *pre-CGT asset of the deceased immediately before his or her death  
...........
6A *CGT asset that:When the deceased died
 (a)*passed to the acquirer as the beneficiary of a deceased individual's estate; and  
 (b)was a *pre-CGT asset of the deceased immediately before his or her death  
...........
7The interest (or share of an interest) the acquirer is taken under section 128-50 to have *acquired in another *CGT asset that the acquirer and another individual held as joint tenants immediately before he or she diedWhen the deceased *acquired his or her interest in the other CGT asset
...........
8(Repealed by No 133 of 2009) 
...........
9A *CGT asset that: 
 (a)is a *membership interest in the receiving trust involved in a roll-over under Subdivision 126-G; and(a)when the acquirer *acquired the corresponding membership interest (or membership interests) in the transferring trust involved in the roll-over; or
 (b)is held by the acquirer just after the transfer time for the roll-over(b)if the roll-over asset for the roll-over has been involved in an unbroken series of roll-overs under Subdivision 126-G - when the acquirer acquired the corresponding membership interest (or membership interests) in the transferring trust involved in the first roll-over in the series
...........
9AA *share the acquirer *acquires by exercising an *ESS interest if:When the acquirer *acquired the *ESS interest
 (a)section 83A-33 (about start ups) reduces the amount to be included in the acquirer's assessable income in relation to the ESS interest; and  
 (b)exercising the ESS interest causes Subdivision 130-B or Division 134 to apply  
.......... 
10A *CGT asset that the acquirer *acquired as a received asset for a roll-over under Subdivision 310-D(a) when the transferring entity for the roll-over acquired the corresponding original asset for the roll-over; or
(b) if that original asset (or any asset corresponding to it) has been involved in an unbroken series of roll-overs - when the entity that owned the applicable asset before the first roll-over in the series acquired it
...........
11A *CGT asset that the acquirer *acquired as a received asset for a roll-over under Subdivision 311-DWhen the transferring entity for the roll-over acquired the corresponding original asset for the roll-over

Note:

Under section 128-50, the acquirer is taken to acquire the interest of a deceased individual in a CGT asset the acquirer and the deceased held as joint tenants immediately before the deceased's death (or an equal share of that interest if there are other surviving joint tenants).

[CCH Note 1: S 115-30(1) will be amended by No 19 of 2010 (as amended by No 158 of 2012), s 3 and Sch 2 item 14, by repealing table item 10, effective 1 July 2019. For savings provisions relating to the repeal see note under Div 310 heading.]

[CCH Note 2: S 115-30(1) will be amended by No 89 of 2013, s 3 and Sch 1 item 16, by repealing table item 11, effective 2 July 2019.]

115-30(1A)  

 View history reference
For the purposes of sections 115-105, 115-110 and 115-115, item 2 of the table in subsection (1) applies in relation to all *replacement-asset roll-overs, including those covered by paragraph 115-34(1)(c).

115-30(1B)  

(Repealed by No 133 of 2009)

CGT event E8

115-30(2)  

For the purposes of applying sections 115-25 and 115-40 in relation to *CGT event E8 and the *CGT asset consisting of a beneficiary's interest in trust capital, it does not matter how long the trustee owned any of the assets of the trust.

Note:

Section 115-45 limits the effect of this subsection in some cases.

Relationship with Subdivision 109-A and Division 128

115-30(3)  

This section has effect despite Subdivision 109-A and Division 128 (which contain rules about the time when you *acquire a *CGT asset).


 



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