Document ID: chunk:federal_register_of_legislation:C2024C00267:section:8:p35
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 8 (pt 35/48)
Character Range: 314379–317159

(2) The capital gain is disregarded for the purposes of the Income Tax Assessment Act 1997.
 (3) If you acquired a replacement asset within the replacement asset period but the total of the first and second elements of the cost base of that asset is less than the amount of the capital gain that would, apart from this subsection, be disregarded, the amount to be disregarded is that total.
 (4) However, if you do not acquire a replacement asset within the replacement asset period, that Act applies to you as if you had never chosen the roll‑over, and the capital gain is not disregarded.
 (5) The Commissioner may extend the replacement asset period.

152‑15  Amendment of assessments
  Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment made before the commencement of this section at any time in the period of 4 years starting at that commencement for the purpose of giving effect to this Division.

Part 3‑5—Corporate taxpayers and corporate distributions

Division 165—Income tax consequences of changing ownership or control of a company

Table of Subdivisions
165‑CA Applying net capital losses of earlier income years
165‑CB Working out the net capital gain and the net capital loss for the income year of the change
165‑CC Change of ownership or control of company that has an unrealised net loss
165‑CD Reductions after alterations in ownership or control of loss company
165‑C Deducting bad debts

Subdivision 165‑CA—Applying net capital losses of earlier income years

Table of sections
165‑95 Application of Subdivision 165‑CA of the Income Tax Assessment Act 1997

165‑95  Application of Subdivision 165‑CA of the Income Tax Assessment Act 1997
  Subdivision 165‑CA of the Income Tax Assessment Act 1997 (about companies applying net capital losses of earlier income years) applies to assessments for the 1998‑99 income year and later income years.

Subdivision 165‑CB—Working out the net capital gain and the net capital loss for the income year of the change

Table of sections
165‑105 Application of Subdivision 165‑CB of the Income Tax Assessment Act 1997

165‑105  Application of Subdivision 165‑CB of the Income Tax Assessment Act 1997
  Subdivision 165‑CB of the Income Tax Assessment Act 1997 (about companies working out the net capital gain and the net capital loss for the income year of the change) applies to assessments for the 1998‑99 income year and later income years.

Subdivision 165‑CC—Change of ownership or control of company that has an unrealised net loss

Table of sections
165‑115E Choice to use global method to work out unrealised net loss

165‑115E  Choice to use global method to work out unrealised net loss
  A choice under section 165‑115E of the Income Tax Assessment Act 1997 to use