Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p20
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 20/22)
Character Range: 411193–413927

20 September 1985.

124‑730  What is the roll‑over?

 (1) The roll‑over is mainly as specified in Subdivision 124‑A.

 (2) However, you work out the *cost base and *reduced cost base of *CGT assets (that you are not taken to have *acquired before 20 September 1985) and that are part of the new entitlement a bit differently where section 124‑720 or 124‑725 applies.

 (3) The first element of your *cost base for each of those assets is:

where:

CB of post‑CGT original entitlement is the sum of the *cost bases of the prospecting entitlements or mining entitlements (that were part of the original entitlement) and that you *acquired on or after 20 September 1985 (just before the original entitlement expired or was surrendered) reduced, if there is an excised part, by so much of those cost bases as is attributable to the excised part.

market value of all new assets is the market value of all *CGT assets (that you are not taken to have *acquired before 20 September 1985) that are part of the new entitlement just after you acquired them.

market value of separate asset is the market value of the particular asset just after you *acquired it.

 (4) The first element of the *reduced cost base of each of those assets is worked out similarly.

Division 126—Same‑asset roll‑overs

Table of Subdivisions

 Guide to Division 126

126‑A Marriage breakdown

126‑B Companies in the same wholly‑owned group

126‑C Changes to trust deeds

Guide to Division 126

126‑1  What this Division is about

      A same‑asset roll‑over allows a capital gain or loss an entity makes from disposing of a CGT asset to, or creating a CGT asset in, another entity to be disregarded. For a disposal, certain attributes of the asset are transferred to the receiving entity.

Subdivision 126‑A—Marriage breakdown

Table of sections

126‑5 CGT event involving spouses
126‑15 CGT event involving company or trustee
126‑20 Subsequent CGT event happening to roll‑over asset where transferor was a CFC or a non‑resident trust

126‑5  CGT event involving spouses

 (1) There is a roll‑over if a *CGT event (the trigger event) happens involving an individual (the transferor) and his or her *spouse (the transferee), or a former *spouse (also the transferee), because of:

 (a) a court order under the Family Law Act 1975 or a corresponding *foreign law; or

 (b) a maintenance agreement approved by a court under section 87 of that Act or a corresponding agreement approved by a court under a corresponding *foreign law; or

 (c) a court order under a *State law, *Territory law or *foreign law relating to de facto marriage breakdowns.

 (2) Only these *CGT events are relevant:

 (a) CGT events A1 and B1 (a disposal case); and