Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 124.1120

  (1)   In a situation covered by subsection   124 - 1105(1), if you * acquired the original entitlement on or after 20   September 1985, the first element of the * cost base of the new entitlement (or of each of the new entitlements) is such amount as is reasonable having regard to:

  (a)   the cost base and * market value of the original entitlement; and

  (b)   the number and market value of the new entitlements; and

  (c)   any amount you paid to get the new entitlement (which can include giving property: see section   103 - 5).

  (2)   In a situation covered by subsection   124 - 1105(2), if you * acquired the original entitlements on or after 20   September 1985, the first element of the * cost base of the new entitlement (or of each of the new entitlements) is such amount as is reasonable having regard to:

  (a)   the total of the cost bases of all the original entitlements; and

  (b)   the number and * market value of the original entitlements; and

  (c)   the number and market value of the new entitlements; and

  (d)   any amount you paid to get the new entitlements (which can include giving property: see section   103 - 5).

  (3)   In the situation covered by subsection   124 - 1105(1) or (2), the first element of the * reduced cost base of the new entitlement (or of each of the new entitlements) is worked out similarly.

  (4)   For the purposes of paragraphs   (1)(b) and (2)(c), the * market value of the new entitlements is their market value at the time you * acquired them.