Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:9_13:p6
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 9 cl 13 (pt 6/9)
Character Range: 73243–75869

and
 (c) the termination is directly connected with the original owner choosing that another person (the new owner) will conduct, in place of the original owner, the business of the original owner in relation to which Chapter 7 of the Corporations Act 2001 (as amended by the Financial Services Reform Act 2001) is to apply; and
 (d) the new owner acquires one or more intangible CGT assets by entering into one or more contracts in substitution (whether wholly or partly) for the contract or contracts that were terminated; and
 (e) subsection (2) or (3) applies.

Note: The period in paragraph (1)(a) may be extended in special circumstances: see section 124‑930.

 (2) This subsection applies if the new owner and the original owner are members of the same *consolidatable group at the time that the new owner *acquires the *CGT asset or assets mentioned in paragraph (1)(d).

 (3) This subsection applies if:
 (a) at the time that the new owner *acquires the *CGT asset or assets mentioned in paragraph (1)(d), all of the following apply:
 (i) the new owner is a company or a trust;
 (ii) if the new owner is a trust—*CGT event E4 is capable of applying to all of the units and interests in the trust;
 (iii) all of the *membership interests in the new owner are owned by the original owner; and
 (b) the original owner is an individual who, at the same time as, or just after, the new owner acquires the Australian financial services licence:
 (i) becomes an authorised representative (within the meaning of section 761A of the Corporations Act 2001) of the new owner; or
 (ii) becomes an employee of the new owner; or
 (iii) becomes a director (within the meaning of the Corporations Act 2001) of the new owner.

124‑915  Consequences of a new owner roll‑over (where one CGT asset comes to an end)

 (1) In each situation covered by section 124‑900, 124‑905 or 124‑910, where:
 (a) a person's (the original owner's) ownership of one *CGT asset (the original asset) comes to an end; and
 (b) another person (the new owner) acquires one or more *CGT assets (the replacement asset or assets);
the consequences of that section applying are the consequences specified in this section.

 (2) A *capital gain or a *capital loss that the original owner makes from a *CGT event happening to the original asset is disregarded.

 (3) If the original owner *acquired the original asset on or after 20 September 1985, the first element of each replacement asset's *cost base is the sum of:
 (a) the amount worked out under the formula in subsection (4); and
 (b) any amount the new owner paid to get the replacement asset (which can