Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p5
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 5/6)
Character Range: 434059–436701

to trust deeds

Guide to Subdivision 126‑C

126‑125  What this Subdivision is about

      This Subdivision sets out when there is a roll‑over for a CGT event that happens because of an amendment to or replacement of the trust deed of a complying approved deposit fund or complying superannuation fund.

Table of sections

126‑130 Changes to trust deeds
126‑135 Consequences of roll‑over

[This is the end of the Guide.]

126‑130  Changes to trust deeds

  There is a roll‑over if:

 (a) *CGT event E1 or E2 happens in relation to a *CGT asset because the trust deed of a *complying approved deposit fund or *complying superannuation fund is amended or replaced; and

 (b) the amendment or replacement is done for the purpose of:

 (i) complying with the Superannuation Industry (Supervision) Act 1993; or

 (ii) enabling a *complying approved deposit fund to become a *complying superannuation fund; and

 (c) the assets and members of the fund do not change as a consequence of the amendment or replacement.

Note: The full list of CGT events is in section 104‑5.

126‑135  Consequences of roll‑over

 (1) A *capital gain or *capital loss made from the *CGT event is disregarded.

 (2) If the fund that owned the *CGT asset just before the time of the *CGT event *acquired it before 20 September 1985, the asset retains its status as a *pre‑CGT asset in the hands of the fund that owned it after the time of the event.

 (3) If the fund that owned the *CGT asset just before the time of the *CGT event *acquired it on or after 20 September 1985:

 (a) the first element of the asset's *cost base (in the hands of the fund that owned the asset after the time of the event) is its cost base just before that time; and

 (b) the first element of the asset's *reduced cost base asset is worked out similarly; and

 (c) the fund that owned the asset after the time of the event is taken to have acquired the asset at that time.

Division 128—Effect of death

Guide to Division 128

128‑1  What this Division is about

      This Division sets out what happens when you die and a CGT asset you owned just before dying devolves to your legal personal representative or passes to a beneficiary in your estate.

      It also contains rules about what happens when a joint tenant dies.

General rules

128‑10 Capital gain or loss when you die is disregarded
128‑15 Effect on the legal personal representative or beneficiary
128‑20 When does an asset pass to a beneficiary?
128‑25 The beneficiary is a trustee of a superannuation fund etc.

Special rules for joint tenants

128‑50 Joint tenants

[This is the end of