Document ID: chunk:federal_register_of_legislation:C2016A00018:clause:1_1:p3
Version: federal_register_of_legislation:C2016A00018
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 3/5)
Character Range: 7438–10062

of that family group.

328‑445  Residency requirement
  For the purposes of paragraph 328‑430(1)(e), the residency requirement for an entity is that:
 (a) if the entity is an individual or a company—the entity is an Australian resident; or
 (b) if the entity is a trust—it is a *resident trust for CGT purposes; or
 (c) if the entity is a partnership (other than a *corporate limited partnership)—at least one of the partners is an Australian resident; or
 (d) if the entity is a corporate limited partnership—it is, under section 94T of the Income Tax Assessment Act 1936, a resident for the purposes of the *income tax law.

Consequences of a roll‑over under this Subdivision

328‑450  Small business transfers not to affect income tax positions
 (1) Except as provided by this Subdivision, a transfer of an asset has no direct consequences under the *income tax law if:
 (a) the transfer occurs under a transaction in relation to which section 328‑430 applies; and
 (b) a roll‑over under this Subdivision is available under that section in relation to the asset.
Example: If the transfer were a transfer of the asset from a company to a shareholder, it would not be treated as a payment of a dividend under Division 7A of Part III of the Income Tax Assessment Act 1936.
 (2) To avoid doubt, this section does not affect the application of the *income tax law in relation to:
 (a) anything that happens in relation to the asset that does not directly relate to the transfer; or
 (b) the ownership of the asset at any time.

328‑455  Effect of small business restructures on transferred cost of assets
 (1) The *income tax law applies to an entity in relation to the transfer of an asset by the entity, or to the entity, as if the transfer takes place for the asset's *roll‑over cost if:
 (a) the transfer occurs under a transaction in relation to which section 328‑430 applies; and
 (b) a roll‑over under this Subdivision is available under that section in relation to the asset.
 (2) The asset's roll‑over cost is whichever of the following amounts is applicable in relation to the transfer:
 (a) in relation to the application of subsection (1) to the asset as a *CGT asset (other than *trading stock, a *revenue asset or a *depreciating asset)—the transferor's *cost base for the asset just before the transfer takes effect;
 (b) in relation to the application of subsection (1) to the asset as trading stock—the amount equal to:
 (i) the *cost of the item for the transferor; or
 (ii) if the transferor held the item as trading stock at the start of the income year—the *value of the item for the transferor then;
 (c)