Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 126.55

Capital gain or no loss

  (1)   There is a roll - over if:

  (a)   either:

  (i)   the trigger event would have resulted in the originating company making a * capital gain, or making no * capital loss and not being entitled to a deduction; or

  (ii)   the originating company * acquired the roll - over asset before 20   September 1985; and

  (b)   the originating company and recipient company both choose to obtain it.

Note:   Section   103 - 25 sets out when the choice must be made.