Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 124.190

  (1)   You can choose to obtain a roll - over if:

  (a)   you own property that gives you a right to occupy a unit in a building; and

  (b)   the building's owner subdivides it into * stratum units; and

  (c)   the owner transfers to you the stratum unit that corresponds to the unit you had the right to occupy just before the subdivision.

Note 1:   The roll - over consequences are set out in section   124 - 10. The original asset is the property that gave you the right to occupy a unit in the building. The new asset is the stratum unit.

Note 2:   Section   103 - 25 tells you when you have to make the choice.

  (2)   The first element of the * cost base and * reduced cost base of the * stratum unit includes any amount you paid to get it (which can include giving property: see section   103 - 5).

Note:   The rest of the first element is worked out under Subdivision   124 - A.

  (3)   A stratum unit is a lot or unit (however described in an * Australian law or a * foreign law relating to strata title or similar title) and any accompanying common property.

Table of sections

124 - 240   Exchange of shares in the same company

124 - 245   Exchange of units in the same unit trust