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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 115-34  Further special rule about time of acquisition for certain replacement-asset roll-overs  

 View history reference

115-34(1)  

This section applies if:


(a) a *CGT event happens to your *share in a company; and


(b) at the time of the CGT event, you had owned the share for less than 12 months; and


(c) you *acquired the share as a replacement asset for:


(i) a *replacement-asset roll-over under Subdivision 122-A (disposal of assets by individuals or trustees to a wholly-owned company) for which you *disposed of a *CGT asset, or all the assets of a *business, to the company; or

(ii) a replacement-asset roll-over under Subdivision 122-B (disposal of assets by partners to a wholly-owned company) for which you disposed of your interests in a CGT asset, or your interests in all the assets of a business, to the company; or

(iii) a replacement-asset roll-over under Subdivision 124-N (disposal of assets by trusts to a company) for which a trust of which you were a beneficiary disposed of all of its CGT assets to the company.

Application of tests about when you acquired the share

115-34(2)  

Sections 115-25 and 115-40 apply as if you had *acquired the *share at least 12 months before the *CGT event.

Application of tests about the company's assets

115-34(3)  

For each asset mentioned in subparagraph (1)(c)(i), subsections 115-45(4) and (6) apply as if the company had *acquired that asset when you acquired it.

115-34(4)  

For each asset mentioned in subparagraph (1)(c)(ii), subsections 115-45(4) and (6) apply as if the company had *acquired that asset when you acquired your interests in it.

115-34(5)  

For each asset mentioned in subparagraph (1)(c)(iii), subsections 115-45(4) and (6) apply as if the company had *acquired that asset when the trust acquired it.

Relationship with Subdivision 109-A

115-34(6)  

This section has effect despite Subdivision 109-A (which contains rules about the time of acquisition of CGT assets).


 



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