Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p9
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 9/22)
Character Range: 384881–387511

taken to have been *acquired before 20 September 1985 if any of the original company's assets as at the completion time were acquired by it before that day.

Note: Generally, a capital gain or capital loss you make from a CGT asset that you acquired before 20 September 1985 can be disregarded: see Division 104.

 (2) The number (worked out as at the completion time) is the greatest possible that (when expressed as a percentage of all the *shares) does not exceed:

 • the market value of the original company's assets that it *acquired before 20 September 1985 less its liabilities (if any) in respect of those assets;

expressed as a percentage of:

 • the market value of all the original company's assets less all of its liabilities.

 (3) The first element of the *cost base of the interposed company's *shares in the original company that are not taken to have been *acquired before 20 September 1985 is:

 • the total of the cost bases (as at the completion time) of the original company's assets that it acquired on or after that day;

less:

 • its liabilities (if any) in respect of those assets.

 (4) The first element of the *reduced cost base of the interposed company's *shares is worked out similarly.

 (5) A liability of the original company that is not a liability in respect of a specific asset or assets of the company is taken to be a liability in respect of all the assets of the company.

Note: An example is a bank overdraft.

 (6) If a liability is in respect of 2 or more assets, the proportion of the liability that is in respect of any one of those assets is equal to:

Subdivision 124‑H—Exchange of units in a unit trust for shares in a company

Guide to Subdivision 124‑H

124‑435  What this Subdivision is about

      This Subdivision sets out when you can obtain a roll‑over if:

           you own units in a unit trust; and

           there is a reorganisation of its affairs so that you become the owner of new shares in a company.

Table of sections

124‑440 Summary of rules

Disposal case

124‑445 Disposal of units in a unit trust for shares in a company
124‑450 Other requirements to be satisfied

Redemption or cancellation case

124‑455 Redemption or cancellation of units in a unit trust for shares in a company
124‑460 Other requirements to be satisfied

Rules applying to both cases

124‑465 Requirements to be satisfied in both cases

Consequences for the company

124‑470 Consequences for the company

124‑440  Summary of rules

 (1) This Subdivision deals with 2 cases in which you can choose to obtain a roll‑over because of the reorganisation of