Document ID: chunk:federal_register_of_legislation:C2016A00018:clause:1_1:p4
Version: federal_register_of_legislation:C2016A00018
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 4/5)
Character Range: 9846–12671

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) in relation to the application of subsection (1) to the asset as a revenue asset—the amount that would give rise to the transferor not making a profit or a loss on the transfer.

328‑460  Effect of small business restructures on acquisition times of pre‑CGT assets
  For the purposes of applying subsection 328‑455(1) to the asset as a *CGT asset (other than a *revenue asset) that is a *pre‑CGT asset, a transferee is taken to have *acquired the asset before 20 September 1985.

328‑465  New membership interests as consideration for transfer of assets
 (1) If:
 (a) section 328‑455 applies in relation to the transfer of an asset under a transaction; and
 (b) the transaction provides for *membership interests to be issued; and
 (c) the membership interests constitute all or part of the consideration provided for the transfer of assets (transferred assets) under the transaction;
then:
 (d) the first element of the membership interests' *cost base is the sum of:
 (i) the *roll‑over costs of the transferred assets that are neither *depreciating assets nor *pre‑CGT assets; and
 (ii) the *adjustable values of the transferred assets that are depreciating assets;
  (less any liabilities that a transferee of any of the transferred assets undertakes to discharge in respect of the transferred assets) divided by the number of membership interests; and
 (e) the first element of the membership interests' *reduced cost base is worked out similarly.
 (2) However, if the *membership interests constituted only a part of the total consideration provided for the transfer of the transferred assets, reduce accordingly the amounts worked out under paragraphs (1)(d) and (e).

328‑470  Membership interests affected by transfers of assets
  If:
 (a) section 328‑455 applies in relation to the transfer of an asset under a transaction; and
 (b) an entity holds, either directly or indirectly:
 (i) a *membership interest in the transferor or a transferee; or
 (ii) a membership interest that was issued as provided for by the transaction;
disregard a *capital loss from a *CGT event that arises in relation to the membership interest after the transaction takes effect, except to the extent that the entity can demonstrate that the loss is attributable to a matter other than the transaction.

328‑475  Small business restructures involving assets already subject to small business roll‑over
  If:
 (a) section 328‑455 applies in relation to the transfer of an asset (the transferred asset) of the transferor's business to one or more transferees; and
 (b) the transferor has previously chosen a small business