Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:5_4:p3
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 5 cl 4 (pt 3/8)
Character Range: 310882–313606

same kind of rights and obligations as those attached to its original interest.

CUFS

 (6) This section applies to the holder of a Chess Unit of Foreign Security as if the holder held the underlying interests that the unit represents.

Note: A Chess Unit of Foreign Security is an interest, traded on the Australian Stock Exchange, in a foreign share, unit or interest.

 (7) A company is the ultimate holding company of a *wholly‑owned group if it is not a *100% subsidiary of another company in the group.

124‑781  Replacement of trust interests

 (1) There is a roll‑over if:
 (a) an entity (also the original interest holder) exchanges:
 (i) a unit or other interest (also the holder's original interest) in a trust (also the original entity) for a unit or other interest (also the holder's replacement interest) in another trust (also the acquiring entity); or
 (ii) an option, right or similar interest (also the holder's original interest) issued by the original entity that gives the holder an entitlement to acquire a unit or other interest in the original entity for a similar interest (also the holder's replacement interest) in another trust (also the acquiring entity); and
 (b) entities have *fixed entitlements to all of the income and capital of the original entity and the acquiring entity; and
 (c) the exchange is in consequence of an *arrangement that satisfies subsection (2); and
 (d) the conditions in subsections (3) and (4) are satisfied.

Note 1: There are some exceptions: see section 124‑795.

Note 2: The original interest holder can obtain only a partial roll‑over if the capital proceeds for its original interest includes something other than its replacement interest: see section 124‑790.

Conditions for arrangement

 (2) The *arrangement must:
 (a) result in the acquiring entity owning 80% or more of the *trust voting interests in the original entity or, if there are none, 80% or more of the units or other interests in the original entity; and
 (b) be one in which at least all owners of trust voting interests (or of units or other interests) in the original entity (except the acquiring entity) could participate; and
 (c) be one in which participation was available on substantially the same terms for all of the owners of interests or units of a particular type in the original entity.

Conditions for roll‑over

 (3) The conditions are:
 (a) the original interest holder *acquired its original interest on or after 20 September 1985; and
 (b) apart from the roll‑over, it would make a *capital gain from a *CGT event happening in relation to its original interest; and
 (c) it chooses to obtain the roll‑over or, if section 124‑782 applies to it for the *arrangement, it and