Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:2_2:p12
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 12/14)
Character Range: 745544–748168

IIIA of the Income Tax Assessment Act 1936) for which there was a roll‑over under section 160ZZN or 160ZZO of that Act; and

 (c) that disposal was by:

 (i) an entity that was not a trustee, and not a resident of Australia for the purposes of that Act; or

 (ii) an entity that was a trustee of a trust that was not a resident trust estate, or a resident unit trust, for the purposes of that Act.

Division 140—Share value shifting

Subdivision 140‑A—When is there share value shifting?

140‑7  Pre‑1994 share value shifts irrelevant

  You make adjustments to the cost base and reduced cost base of shares under Division 140 of the Income Tax Assessment Act 1997 only in relation to schemes where the decrease in market value and increase in market value occur after 12 noon, by legal time in the Australian Capital Territory, on 12 January 1994.

140‑15  Off‑market buy backs

 (8) A share value shift is disregarded under subsection 140‑15(8) of the Income Tax Assessment Act 1997 only if:

 (a) the company concerned buys back the shares after 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 1995; and

 (b) the buy back is not done under an arrangement that is an excluded transitional arrangement within the meaning of subsection 12(2) of the Taxation Laws Amendment Act (No. 1) 1996.

Division 149—When an asset stops being a pre‑CGT asset

149‑5  Assets that stopped being pre‑CGT assets under old law

 (1) This section applies to a CGT asset that:

 (a) an entity last acquired before 20 September 1985; and

 (b) the entity owned just before the start of the 1998‑99 income year; and

 (c) the entity was taken to have acquired on a day (the acquisition day) on or after 20 September 1985 under Division 20 of Part IIIA of the Income Tax Assessment Act 1936.

 (2) In applying Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997 to the entity:

 (a) the entity is taken to have acquired the asset on the acquisition day; and

 (b) the first element of the cost base and reduced cost base of the asset on the acquisition day is the amount for which the entity is taken to have acquired it under Division 20 of Part IIIA of the Income Tax Assessment Act 1936.

[The next Part is Part 3‑5.]

Part 3‑5—Corporate taxpayers and corporate distributions

[The next Division is Division 165.]

Division 165—Income tax consequences of changing ownership or control of a company

Table of Subdivisions

165‑CA Applying net capital losses of earlier income years

165‑CB Working out the net capital gain and the net capital loss for the income year of the change