Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 5/7)
Character Range: 2463582–2466463

you *acquired the asset before 20 September 1985, the company is taken to have acquired it before that day.
Note: A capital gain or loss from a CGT asset acquired before 20 September 1985 is generally disregarded: see Division 104. This exemption is removed in some situations: see Division 149.

Same‑asset roll‑over consequences for the company (creation case)

122‑75  Consequences for the company (creation case)
 (1) There are these consequences for the company in a creation case if you choose to obtain a roll‑over.
 (2) The first element of the created asset's *cost base (in the hands of the company) is the applicable amount from the table in subsection 122‑65(2).
Example: To continue the example in section 122‑65, the cost base of the licence in Tiffin Pty Ltd's hands is $1,000.
 (3) The first element of the created asset's *reduced cost base (in the hands of the company) is worked out similarly.

Subdivision 122‑B—Disposal or creation of assets by partners to a wholly‑owned company

Guide to Subdivision 122‑B

122‑120  What this Subdivision is about
      This Subdivision sets out when the partners in a partnership can obtain a roll‑over on transferring a CGT asset, or all the assets of a business, to a company. It also deals with the creation of a CGT asset in a company. There are consequences for the company also.

Table of sections

When is a roll‑over available
122‑125 Disposal or creation of assets—wholly‑owned company
122‑130 What the partners receive for the trigger event
122‑135 Other requirements to be satisfied
122‑140 What if the company undertakes to discharge a liability (disposal case)
122‑145 Rules for working out what a liability in respect of an interest in an asset is

Replacement‑asset roll‑over if partners dispose of a CGT asset
122‑150 Capital gain or loss disregarded
122‑155 Disposal of post‑CGT or pre‑CGT interests
122‑160 Disposal of both post‑CGT and pre‑CGT interests

Replacement‑asset roll‑over if the partners dispose of all the assets of a business
122‑170 Capital gain or loss disregarded
122‑175 Other consequences
122‑180 All interests acquired on or after 20 September 1985
122‑185 All interests acquired before 20 September 1985
122‑190 Interests acquired before and after 20 September 1985

Replacement‑asset roll‑over for a creation case
122‑195 Creation of asset

Same‑asset roll‑over consequences for the company (disposal case)
122‑200 Consequences for the company (disposal case)

Same‑asset roll‑over consequences for the company (creation case)
122‑205 Consequences for the company (creation case)

When is a roll‑over available

122‑125  Disposal or creation of assets—wholly‑owned company
  All of the partners in a partnership can choose to obtain a roll‑over if one of the *CGT events (the trigger event) specified in this table happens involving the partners and a company in the circumstances set