Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 615.5

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

  (a)   you are a * member of a company or a unit trust (the original entity ); and

  (b)   you and at least one other entity (the exchanging members ) own all the * shares or units in it; and

  (c)   under a * scheme for reorganising its affairs, the exchanging members * dispose of all their shares or units in it to a company (the interposed company ) in exchange for shares in the interposed company (and nothing else); and

  (d)   the requirements in Subdivision   615 - B are satisfied.

Note 1:   For paragraph   (c), see section   124 - 20 if an exchanging member uses a share sale facility.

Note 2:   After the completion of the scheme, later dealings between the interposed company and the original entity may be subject to the rules for consolidated groups (see Part   3 - 90).

  (2)   You are taken to have chosen to obtain the roll - over if:

  (a)   immediately before the completion time (see section   615 - 15), the original entity is the * head company of a * consolidated group; and

  (b)   immediately after the completion time, the interposed company is the head company of the group.

Note:   The consolidated group continues in existence because of section   703 - 70.