Document ID: chunk:federal_register_of_legislation:C2020C00244:clause:1_9:p6
Version: federal_register_of_legislation:C2020C00244
Segment Type: clause
Provision Reference: sch 1 cl 9 (pt 6/8)
Character Range: 24188–26973

that correspond to those interests in the transferring trust.

126‑250  Consequences for beneficiaries—other approach for working out cost base etc.
 (1) This section applies if the beneficiary owns one or more *membership interests in the transferring trust at all times during the period:
 (a) starting just before this time (the starting time):
 (i) the transfer time; or
 (ii) the transfer time for an asset referred to in paragraph 126‑225(2)(c) (assuming subsection 126‑225(2) applies); and
 (b) ending just after this time (the ending time):
 (i) the transfer time (assuming this is not also the starting time); or
 (ii) a later time in the transfer year that is the transfer time for another asset for which a roll‑over is obtained under this Subdivision for the trusts.
Note: Subsection 126‑225(2) applies if the roll‑over asset is transferred to the receiving trust after an earlier roll‑over under this Subdivision, for another asset, was obtained for the trusts.
 (2) The beneficiary may choose for each of the following:
 (a) the *cost base and *reduced cost base of each of those *membership interests and of the beneficiary's corresponding membership interests in the receiving trust;
 (b) the time each of those corresponding interests in the receiving trust is treated as having been *acquired;
to be adjusted under subsection (3) for the period.
 (3) For each of the interests referred to in subsection (2), subsections 126‑245(2), (3), (4), (5) and (6) apply as if:
 (a) references in those subsections to just before the transfer time were references to just before the starting time; and
 (b) references in those subsections to just after the transfer time were references to just after the ending time.

126‑255  No other cost base etc. adjustment for beneficiaries
  If a beneficiary of the trusts makes adjustments under section 126‑245 or 126‑250 to the *cost base and *reduced cost base of the beneficiary's *membership interests in relation to the *CGT event that is:
 (a) the creation of the receiving trust over the roll‑over asset; or
 (b) the transfer of the roll‑over asset to the receiving trust;
no other adjustment is to be made under this Act to those cost bases and reduced cost bases because of something that happens in relation to that event.
Note: This section prevents the general value shifting regime from applying in relation to the event because sections 126‑245 and 126‑250 deal with any value shift that might occur.

126‑260  Giving information to beneficiaries

Beneficiaries must be given particulars of the roll‑over
 (1) If the roll‑over is chosen, the trustee of the transferring trust must, within 3 months after the end of the transfer year, send written notice of the particulars set out in subsection (2) to each of the trust's