Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 152.45

Asset compulsorily acquired, lost or destroyed

  (1)   If a * CGT asset is an asset (the new asset ) you acquired to satisfy the requirement in subsection   124 - 70(2) or 124 - 75(2) for a roll - over under Subdivision   124 - B, then the active asset test in section   152 - 35 applies as if:

  (a)   you had acquired the new asset when you acquired the old asset; and

  (b)   the new asset had been your * active asset at all times when the original asset was your active asset; and

  (c)   the new asset had not been your active asset at all times when the original asset was not your active asset.

Note 1:   Subdivision   124 - B allows you to choose a roll - over if your CGT asset is compulsorily acquired, lost or destroyed.

Note 2:   If this subsection applies to a CGT asset, then section   152 - 115 (which is about continuing time periods) will apply for the 15 - year exemption.

Assets replaced during FSR transition (same owner roll - overs)

  (1A)   If a * CGT asset is an asset (the new asset ) you acquired in a situation covered by former section   124 - 880, 124 - 885 or 124 - 890, then the active asset test in section   152 - 35 applies as if:

  (a)   you had acquired the new asset when you acquired the original asset; and

  (b)   the new asset had been your * active asset at all times when the original asset was your active asset; and

  (c)   the new asset had not been your active asset at all times when the original asset was not your active asset.

Note 1:   Former Subdivision   124 - O provided a roll - over for certain CGT assets that came to an end as a result of an FSR transition.

Note 2:   If this subsection applies to a CGT asset, then section   152 - 115 (which is about continuing time periods) will apply for the 15 - year exemption.

Assets replaced during FSR transition (new owner roll - overs)

  (1B)   If a * CGT asset is an asset (the new asset ) acquired in a situation covered by former section   124 - 900, 124 - 905 or 124 - 910, then the active asset test in section   152 - 35 applies as if:

  (a)   the new owner had acquired the new asset when the original owner acquired the original asset; and

  (b)   the new asset had been the * active asset of the new owner at all times when the original asset was the original owner's active asset; and

  (c)   the new asset had not been the active asset of the new owner at all times when the original asset was not the original owner's active asset.

Note 1:   Former Subdivision   124 - O provided a roll - over for certain CGT assets that came to an end as a result of an FSR transition.

Note 2:   If this subsection applies to a CGT asset, then section   152 - 115 (which is about continuing time periods) will apply for the 15 - year exemption.

Marriage or relationship breakdowns

  (2)   If you were the transferee of a * CGT asset for which there has been a roll - over under Subdivision   126 - A, then you may choose that the active asset test in section   152 - 35 applies as if:

  (a)   you had acquired the asset when the transferor acquired the asset; and

  (b)   the asset had been an * active asset of yours at all times when the asset was an active asset of the transferor; and

  (c)   the asset had not been an active asset of yours at all times when the asset was not an active asset of the transferor.

Note 1:   Section   103 - 25 tells you when the choice must be made.

Note 2:   There is a roll - over under Subdivision   126 - A if CGT assets are transferred because of a marriage or relationship breakdown.

Note 3:   If you don't make the choice, the time of acquisition is simply the time of the transfer.

Note 4:   Making the choice here has certain consequences for the 15 - year exemption: see section   152 - 115.