Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:9_13:p5
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 9 cl 13 (pt 5/9)
Character Range: 70944–73477

10 March 2004; and
 (b) at the time the application is made, another person (the original owner) holds an Australian financial services licence to which section 1434 of the Corporations Act 2001 applies (the qualified licence); and
 (c) the new owner is granted an Australian financial services licence as a result of the application (the new licence); and
 (d) if the new licence is granted on or before 10 March 2004—the qualified licence is revoked as a result of the new licence being granted to the new owner; and
 (e) if the new licence is granted after 10 March 2004:
 (i) the qualified licence ceases to have effect on 10 March 2004; and
 (ii) if the new licence had been granted on or before 10 March 2004, the qualified licence would have been revoked as a result of the new licence being granted; and
 (f) subsection (2) or (3) applies.

Note: The period in paragraph (1)(a) may be extended in special circumstances: see section 124‑930. If it is extended, the day in paragraphs (d) and (e) changes too.

 (2) This subsection applies if the new owner and the original owner are members of the same *consolidatable group at the time that the new owner *acquires the new licence.

 (3) This subsection applies if:
 (a) at the time that the new owner *acquires the new licence, all of the following apply:
 (i) the new owner is a company or a trust;
 (ii) if the new owner is a trust—*CGT event E4 is capable of applying to all of the units and interests in the trust;
 (iii) all of the *membership interests in the new owner are owned by the original owner; and
 (b) the original owner is an individual who, at the same time as, or just after, the new owner acquires the new licence:
 (i) becomes an authorised representative (within the meaning of section 761A of the Corporations Act 2001) of the new owner; or
 (ii) becomes an employee of the new owner; or
 (iii) becomes a director (within the meaning of the Corporations Act 2001) of the new owner.

124‑910  Rights roll‑over (new owner)

 (1) There is a roll‑over if:
 (a) one or more intangible *CGT assets owned by a person (the original owner) cease to exist during the period beginning on 11 March 2002 and ending on 10 March 2004; and
 (b) the asset or assets cease to exist because of the termination of one or more contracts; and
 (c) the termination is directly connected with the original owner choosing that another person (the new owner) will conduct, in place of the original owner, the business of the original owner in relation to which Chapter 7 of the