Document ID: chunk:federal_register_of_legislation:C2024C00267:section:8:p28
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 8 (pt 28/48)
Character Range: 297386–300157

from the commencement of that Schedule, to each ownership interest that it applied to just before that commencement.

Division 126—Roll‑overs

Table of Subdivisions
126‑A Merger of qualifying superannuation funds
126‑B Transfer of life insurance business

Subdivision 126‑A—Merger of qualifying superannuation funds

Table of sections
126‑100 Merger of qualifying superannuation funds

126‑100  Merger of qualifying superannuation funds
 (1) This section applies to a CGT asset of a superannuation fund (the transferee) if:
 (a) the transferee acquired the asset from another superannuation fund in circumstances to which former section 160ZZPI of the Income Tax Assessment Act 1936 applied; and
 (b) the transferee owned the asset just before the start of the 1998‑99 income year; and
 (c) CGT event A1, B1, C1, C2, G1 or G3 happens in relation to the asset in that income year or a later one.
Note: The full list of CGT events is in section 104‑5 of the Income Tax Assessment Act 1997.
 (2) The first element of the cost base of the asset in the hands of the transferee (at the time the transferee acquired the asset) is the asset's cost base (in the hands of the other fund) at that time.
 (3) The reduced cost base of the asset in the hands of the transferee is worked out similarly.

Subdivision 126‑B—Transfer of life insurance business

Table of sections
126‑150 Roll‑over on transfer of life insurance business
126‑160 Effects of roll‑over
126‑165 References to Subdivision 126‑B of the Income Tax Assessment Act 1997

126‑150  Roll‑over on transfer of life insurance business
 (1) There may be a roll‑over if:
 (a) a CGT event happens because all or part of the life insurance business of a life insurance company (the originating company) is transferred to another life insurance company (the recipient company):
 (i) in accordance with a scheme confirmed by the Federal Court of Australia under Part 9 of the Life Insurance Act 1995; or
 (ii) under the Financial Sector (Transfers of Business) Act 1999; and
 (b) the originating company and the recipient company were members of the same wholly‑owned group just before the transfer; and
 (c) one of these happens:
 (i) a CGT asset (the original asset) of the originating company becomes an asset of the recipient company; or
 (ii) a CGT asset of the originating company ends and the recipient company acquires an equivalent replacement asset; or
 (iii) the originating company creates a CGT asset in the recipient company; and
 (d) the transfer takes place:
 (i) before 30 June 2004; or
 (ii) if the originating company and the recipient company are members of the same consolidated group or consolidatable group and the head company of that group has a substituted accounting period—before the end of the head