Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_2:p1
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 1/3)
Character Range: 515803–518672

2                                                         the death of a person                                                                                           that person

 (4) This section applies as if the new owner had (in addition to any other *underlying interests), at any time when the former owner had a percentage (the former owner's percentage) of the underlying interests in the asset, a percentage of the underlying interests in the asset equal to the acquired percentage, or the former owner's percentage at that time, whichever is the less.

149‑35  Cost base elements of asset that stops being a pre‑CGT asset

 (1) This section affects the *cost base and *reduced cost base of the asset if it stops being a *pre‑CGT asset.

 (2) The first element of each is the asset's market value at the time referred to in subsection 149‑30(1).

Subdivision 149‑C—When asset of public entity stops being a pre‑CGT asset

Table of sections

149‑50 Which entities are affected
149‑55 Entity to determine periodically whether asset still has same majority underlying ownership
149‑60 What the determination must show
149‑65 Effects of not making the determination
149‑70 Effects if asset no longer has same majority underlying ownership
149‑75 Cost base elements of asset that stops being a pre‑CGT asset
149‑80 No further determination needed after asset stops being a pre‑CGT asset

149‑50  Which entities are affected

 (1) This Subdivision provides for when a *CGT asset of an entity of any of these kinds stops being a *pre‑CGT asset:

 (a) a company *shares in which (except shares that carry the right to a fixed rate of *dividend) are listed for quotation in the official list of an *approved stock exchange;

 (b) a *publicly traded unit trust;

 (c) a *mutual insurance company;

 (d) a *mutual affiliate company;

 (e) a company (other than one covered by paragraph (a)) all the *shares in which are beneficially owned by one or more of the following:

 (i) a company covered by paragraph (a);

 (ii) a *mutual insurance company;

 (iii) a *mutual affiliate company;

 (iv) a *publicly traded unit trust;

 (f) a *100% subsidiary of a company covered by paragraph (e).

 (2) A publicly traded unit trust is a unit trust the units in which:

 (a) are listed for quotation in the official list of an *approved stock exchange; or

 (b) are ordinarily available for subscription or purchase by the public.

 (3) This Division applies as if what is done or not done by the trustee of a *publicly traded unit trust had been done or not done by the trust.

149‑55  Entity to determine periodically whether asset still has same majority underlying ownership

 (1) Within 6 months after each *test day, the entity must examine its records to make a determination about the *majority underlying interests in the asset at the end of