Document ID: chunk:federal_register_of_legislation:C2010C00612:clause:1_1:p11
Version: federal_register_of_legislation:C2010C00612
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 11/19)
Character Range: 26407–29147

a roll‑over under Subdivision 124‑B, then paragraphs 152‑105(b) and 152‑110(1)(b) and (c) (the 15‑year and controlling individual rules) apply as if you had acquired the new asset when you acquired the original asset.

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

Marriage breakdowns

 (2) If you made the choice mentioned in subsection 152‑45(2) for a *CGT asset, then paragraphs 152‑105(b) and (c) and 152‑110(1)(b) and (c) (the 15‑year and controlling individual rules) apply as if you had acquired the asset when the transferor acquired it.

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

152‑120  Discretionary trusts need not have a controlling individual in a loss year

  Paragraphs 152‑105(c) and 152‑110(1)(c) do not apply for a trust of the kind mentioned in subsection 152‑55(3) in relation to an income year during which the trust did not make a distribution of income or capital, if the trust had a *tax loss for that income year.

Note: This is because the trust might not have had the funds to make a distribution during that income year, which would prevent it from having a controlling individual in that year.

152‑125  Payments to company's or trust's CGT concession stakeholders are exempt

 (1) This section applies if, under section 152‑110, a *capital gain of a company or trust is disregarded or an amount of income is treated as neither assessable income nor *exempt income of the company or trust. In this section, that amount is called the exempt amount.

 (2) Any payment the company or trust makes (whether directly or indirectly through one or more interposed entities) within 2 years after the *CGT event to an individual who was a *CGT concession stakeholder of the company or trust just before the event is not taken into account in determining the taxable income of the company or trust, the individual or any of the interposed entities.

 (3) However, subsection (2) applies only to the extent that the total of the payments made by the company or trust to a particular *CGT concession stakeholder for an exempt amount does not exceed the following limit:
where:

stakeholder's control percentage means:
 (a) in the case of a company—the percentage of the interests in *shares in the company of the kind mentioned in subsection 152‑55(1) held by the CGT concession stakeholder just before the *CGT event; or
 (b) in the case of a trust mentioned in subsection 152‑55(2)—the percentage of the income and capital of the trust to which the CGT concession stakeholder was beneficially entitled just before the CGT event; or
 (c) in the case of a trust mentioned