Document ID: chunk:federal_register_of_legislation:C2025C00029:section:12:p30
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 12 (pt 30/34)
Character Range: 5150689–5153317

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) 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