Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 360.65

  (1)   If:

  (a)   a * share mentioned in subsection   360 - 50(1) has been continuously held by the entity mentioned in that subsection; and

  (b)   then:

  (i)   the share, or interests in the share, are * disposed of in a way that gives rise to a trigger event (see section   122 - 15 or 122 - 125) for a roll - over under Division   122; or

  (ii)   the share becomes the original interest (see paragraph   124 - 780(1)(a)) for a roll - over under Subdivision   124 - M; and

  (c)   the roll - over happens on or after the first anniversary, but before the tenth anniversary, of the issue of the share;

the * first element of the * cost base and * reduced cost base of the share just before the roll - over is taken to be its * market value at that time.

Note:   This subsection is a separate modified CGT treatment, and not a continuation of the modifications made by section   360 - 50.

  (2)   If:

  (a)   an asset mentioned in paragraph   360 - 60(2)(a) for a roll - over has been continuously held by the entity that * acquired that asset for that roll - over; and

  (b)   then:

  (i)   that asset, or interests in that asset, are * disposed of in a way that gives rise to a trigger event (see section   122 - 15 or 122 - 125) for a roll - over under Division   122; or

  (ii)   that asset becomes the original interest (see paragraph   124 - 780(1)(a)) for a roll - over under Subdivision   124 - M; and

  (c)   the later roll - over happens on or after the first anniversary, but before the tenth anniversary, of the issue of the original share (see subsection   360 - 60(2) for the earlier roll - over;

the * first element of the * cost base and * reduced cost base of that asset just before the later roll - over is taken to be its * market value at that time.

Note:   This subsection is a separate modified CGT treatment, and not a continuation of the modifications made by section   360 - 50.

Table of Subdivisions

376 - A   Guide to Division   376

376 - B   Tax offsets for Australian expenditure in making a film

376 - C   Production expenditure and qualifying Australian production expenditure

376 - D   Certificates for films and other matters