Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p10
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 10/10)
Character Range: 355281–357743

in repairing or restoring it.

 (3) At least some of the expenditure must be incurred:

 (a) no earlier than one year, or within such further time as the Commissioner allows in special circumstances, before the event happens; or

 (b) no later than one year, or within such further time as the Commissioner allows in special circumstances, after the end of the income year in which the event happens.

Special rules if you acquire another asset

 (4) If just before the event happened the original asset:

 (a) was used in your *business; or

 (b) was *installed ready for use in your business; or

 (c) was in the process of being *installed ready for use in your business;

the other asset must be used in the business, or be installed ready for use in the business, for a reasonable time after you *acquired it.

  Otherwise, you must use the other asset (for a reasonable time after you *acquired it) for the same purpose as, or for a similar purpose to, the purpose for which you used the original asset just before the event happened.

 (5) The other asset cannot become an item of your *trading stock just after you *acquire it.

124‑80  Other requirements if you receive an asset

 (1) If you receive another *CGT asset for the event happening, you can choose to obtain a roll‑over only if these other requirements are satisfied.

Note: The roll‑over consequences are set out in section 124‑90.

 (2) The other asset cannot become an item of your *trading stock just after you *acquire it.

 (3) The market value of the other asset (when you *acquire it) must be more than the *cost base of the original asset just before the event happens.

The consequences of a roll‑over being available

124‑85  Consequences for receiving money

 (1) If you receive money for the event happening, there are these consequences if you choose to obtain a roll‑over.

Original asset acquired on or after 20 September 1985

 (2) If you make a *capital gain from the event, this table sets out in what situations the gain is reduced, not reduced or disregarded.

  It also sets out in what situations the expenditure you incurred to *acquire another *CGT asset or to repair or restore the original asset is reduced.

You make a capital gain from the event
Item                                    In this situation:                                                                                                       There are these consequences