Document ID: chunk:federal_register_of_legislation:C2011C00519:clause:7_3:p2
Version: federal_register_of_legislation:C2011C00519
Segment Type: clause
Provision Reference: sch 7 cl 3 (pt 2/2)
Character Range: 153092–154757

market value and character of the new licences.

124‑160  Roll‑over consequences—all original licences were pre‑CGT

  If you *acquired the original licence (or all of the original licences) before 20 September 1985, you are taken to have acquired the new licence (or all of the new licences) before that day.

124‑165  Roll‑over consequences—some original licences were pre‑CGT, others were post‑CGT

 (1) This section applies if:
 (a) there was more than one original licence; and
 (b) you *acquired one or more of the original licences before 20 September 1985; and
 (c) you acquired one or more of the original licences on or after that day.

 (2) Each new licence is taken to be 2 separate *CGT assets that are both *statutory licences:
 (a) one (which you are taken to have *acquired on or after 20 September 1985) representing the extent to which you acquired the original licences on or after that day; and
 (b) another (which you are taken to have acquired before that day) representing the extent to which you acquired the original licences before that day.

 (3) The first element of the *cost base and *reduced cost base of the *CGT asset mentioned in paragraph (2)(a) in relation to a new licence is worked out under the formula:
where:

market value of all new licences is the total of the *market values of all of the new licences.

market value of new licence is the *market value of the new licence to which the *CGT asset mentioned in paragraph (2)(a) relates.

total post‑CGT cost base is the total of the *cost bases of all the original licences that you *acquired on or after 20 September 1985.

Income Tax (Transitional Provisions) Act 1997