Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 10/79)
Character Range: 4855391–4858113

(b) if, apart from this subsection, the event would result in a *capital loss—the asset's *reduced cost base just before the event.

Consequences for receiving entity
 (4) The first element of the *cost base of the corresponding received asset (in the hands of the receiving entity) is taken to be an amount equal to the cost base of the original asset just before the event.
 (5) The first element of the *reduced cost base of the corresponding received asset (in the hands of the receiving entity) is taken to be an amount equal to the reduced cost base of the original asset just before the event.

310‑65  Revenue assets—if global asset approach chosen

Consequences for transferring entity
 (1) For each of the original assets to which this section applies, the transferring entity's gross proceeds for the relevant transfer event are taken to be the amount (the deemed proceeds) the transferring entity would need to have received in order to have a nil profit and nil loss for the event.
Note: This section only applies if it is chosen to apply under subsection 310‑50(3).

Consequences for receiving entity
 (2) For each of the received assets to which this section applies, the receiving entity is taken, for the purposes of this Act, to have paid an amount for that asset at the time of the transfer event that is equal to the deemed proceeds for the corresponding original asset.

310‑70  Revenue assets—individual asset approach

Consequences for transferring entity
 (1) If the transferring entity derives assessable income (other than a *capital gain) or incurs a *tax loss for a transfer event relating to an original asset to which this section applies, the entity choosing the roll‑over can choose for the transferring entity's gross proceeds for the event to be taken to be the amount (the deemed proceeds) the transferring entity would need to have received in order to have a nil profit and nil loss for the event.
Note: This section only applies if it is chosen to apply under subsection 310‑50(3).

Consequences for receiving entity
 (2) If a choice is made under subsection (1), the receiving entity is taken to have paid an amount for the corresponding received asset at the time of the transfer event that is equal to the deemed proceeds for the event.

         310‑75  Further consequences for roll‑overs involving life insurance companies
 (1) Section 320‑200 (about consequences of transferring assets to or from a complying superannuation asset pool) does not apply for a transfer event for the roll‑over if either the transferring entity or the receiving entity is a *life insurance company.
 (2) If the receiving entity for the roll‑over is a *life insurance company, each received asset of