Document ID: chunk:federal_register_of_legislation:C2016A00054:clause:1_8:p2
Version: federal_register_of_legislation:C2016A00054
Segment Type: clause
Provision Reference: sch 1 cl 8 (pt 2/3)
Character Range: 24650–27471

share.
Note: The references to the entity and the share in the paragraphs of subsections 360‑50(3) and (4) continue to apply unchanged.
 (3) In such a case, treat subsection 360‑50(5) as if it read as follows:
"If the partnership has continuously held the *share since its issue, on the tenth anniversary of its issue:
 (a) the *first element of the *cost base for a partner's interest in the share becomes so much of the share's *market value on that anniversary as is calculated by reference to the partnership agreement, or partnership law if there is no agreement; and
 (b) the *first element of the *reduced cost base is worked out similarly.".

360‑60  Modified CGT treatment—not affected by certain roll‑overs
 (1) The purpose of this section is to ensure that the modifications made by section 360‑50 are not affected merely because of one or more *same‑asset roll‑overs or *replacement‑asset roll‑overs (other than roll‑overs under Division 122 or Subdivision 124‑M).
 (2) If, apart from those roll‑overs, the entity (the original entity) mentioned in subsection 360‑50(1) would continue to hold the *share (the original share) mentioned in that subsection, then subsections 360‑50(2) to (5) apply as if:
 (a) the following asset were the original share:
 (i) if the last roll‑over is a *same‑asset roll‑over—the asset for the roll‑over;
 (ii) if the last roll‑over is a *replacement‑asset roll‑over—the replacement asset for the roll‑over; and
Note: The asset for subparagraph (i) will be the original share unless a replacement‑asset roll‑over happened beforehand.
 (b) that asset was issued when the original share was issued; and
 (c) the entity that *acquired that asset for the roll‑over had continuously held that asset since the original share was issued; and
 (d) that entity were the original entity; and
 (e) in a case where that entity is a partnership—paragraphs (a) to (d) modify subsections 360‑50(2) to (5) as they apply with the modifications in section 360‑55; and
 (f) in a case where that entity is not a partnership but the entity that owned the original asset for the roll‑over is—paragraphs (a) to (d) modify subsections 360‑50(2) to (5) as they apply without the modifications in section 360‑55.
Note: A roll‑over under Division 122 (about wholly‑owned companies) or Subdivision 124‑M (about scrip for scrip roll‑overs) will stop the modified CGT treatment under section 360‑50 from continuing to apply.

360‑65  Separate modified CGT treatment for roll‑overs about wholly‑owned companies or scrip for scrip roll‑overs
 (1) If:
 (a) a *share mentioned in subsection 360‑50(1) has been continuously held by the entity mentioned in that subsection; and
 (b) then:
 (i) the share, or interests in the share, are *disposed of in a way that gives rise to a trigger event (see section 122‑15 or