Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_8:p1
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 8 (pt 1/14)
Character Range: 481974–484748

8                                                          A *share or security in a company that you received as consideration for your *disposal of another *CGT asset to the company and:

                                                           (a) you chose to obtain a roll‑over under Division 122 (roll‑over of assets by an individual or partnership to a company) or Subdivision 126‑B (roll‑over of assets within a company group) because of the disposal; and

                                                           (b) either you were not an Australian resident just before the disposal, or you were a trustee of a trust that was not a *resident trust for CGT purposes for the income year in which the disposal happened

136‑30  Reducing a capital gain or loss from a business asset

 (1) The *capital gain or *capital loss you make from a *CGT asset that you have used at any time in carrying on a *business through a *permanent establishment in Australia is reduced if you used it in this way for only part of the period from when you *acquired it to when the CGT event happened.

 (2) The gain or loss is reduced by this fraction:

Subdivision 136‑B—Becoming a resident

Table of sections

136‑40 Individual or company becomes resident
136‑45 Trust becomes a resident trust
136‑50 CFC becomes an Australian resident

136‑40  Individual or company becomes resident

 (1) If you become an Australian resident, there are rules relevant to each *CGT asset that you owned just before you became an Australian resident, except an asset:

 (a) having the *necessary connection with Australia; or

 (b) that you *acquired before 20 September 1985.

 (2) The first element of the *cost base and *reduced cost base of the asset (at the time you become an Australian resident) is its market value at that time.

 (3) Also, Part 3‑1 and this Part apply to the asset as if you had *acquired it at the time you became an Australian resident.

136‑45  Trust becomes a resident trust

 (1) If a trust becomes a *resident trust for CGT purposes, there are rules relevant to each *CGT asset that the trustee owned just before the trust became a resident trust for CGT purposes, except one:

 (a) having the *necessary connection with Australia; or

 (b) that the trustee *acquired before 20 September 1985.

 (2) The first element of the *cost base and *reduced cost base of the asset (at the time the trust becomes a *resident trust for CGT purposes) is its market value at that time.

 (3) Also, Part 3‑1 and this Part apply to the asset as if the trustee had *acquired it at the time the trust became a *resident trust for CGT purposes.

Exception

 (4) This section does not apply to a trust if, just before it became a *resident trust for CGT purposes,