Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_5:p4
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 4/6)
Character Range: 297744–300430

(which requires records to be retained for a different period).

 (4) However, it is not necessary to retain records:

 (a) if the Commissioner notifies you that you do not need to retain them; or

 (b) for a company that has been finally dissolved.

Note: There are special record keeping rules where there has been a roll‑over for a merger between superannuation funds under section 160ZZPI of the Income Tax Assessment Act 1936: see section 121‑25 of the Income Tax (Transitional Provisions) Act 1997.

Penalty: 30 penalty units.

121‑30  Exceptions

  You do not need to keep records under section 121‑20 if:

 (a) for each *CGT event (if any) that has happened such that the records are relevant (or could reasonably be expected to be relevant) to working out whether you have made a *capital gain or *capital loss from the event; and

 (b) for each *CGT event that may happen in the future such that the records could reasonably be expected to be relevant to working out whether you might make a *capital gain or *capital loss from the event;

any capital gain or capital loss you made (or might make) from it is to be (or would be) disregarded.

[The next Part is Part 3‑3.]

Part 3‑3—Capital gains and losses: special topics

Division 122—Roll‑over for the disposal of assets to, or the creation of assets in, a wholly‑owned company

Table of Subdivisions

 Guide to Division 122

122‑A Disposal or creation of assets by individual to a wholly‑owned company

122‑B Disposal or creation of assets by partners to a wholly‑owned company

Guide to Division 122

122‑1  What this Division is about

      A roll‑over can delay the making of a capital gain or loss if:

          • you dispose of a CGT asset, or all the assets of a business, to a company in which you own all the shares; or

          • you create a CGT asset in such a company; or

          • all the partners in a partnership dispose of partnership property to a company in which they own all the shares; or

          • the partners create a CGT asset in such a company.

Subdivision 122‑A—Disposal or creation of assets by individual to a wholly‑owned company

Guide to Subdivision 122‑A

122‑5  What this Subdivision is about

      This Subdivision sets out when you can obtain a roll‑over if you transfer a CGT asset, or all the assets of a business, to a company. It also deals with the creation of a CGT asset in a company. There are consequences for the company also.

Table of sections

When is a roll‑over available

122‑15 Disposal or creation of assets—wholly‑owned company
122‑20 What you receive for the trigger event
122‑25 Other requirements to be satisfied
122‑35