Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p4
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 4/22)
Character Range: 372579–375222

to obtain a roll‑over if:

 (a) you own rights (the original rights) to *acquire *shares in a company or to acquire an option to acquire *shares in a company; or

 (b) you own an option (the original option) to acquire *shares in a company;

and these other requirements are satisfied.

Note: Section 103‑25 tells you when you have to make the choice.

 (2) The *shares must:

 (a) be consolidated and divided into new shares of a larger amount; or

 (b) be subdivided into new shares of a smaller amount.

 (3) The company must cancel the original rights or original option because of the consolidation or subdivision.

 (4) The company must:

 (a) issue you with new rights (relating to the new *shares) in substitution for the original rights; or

 (b) issue you with a new option (relating to the new shares) in substitution for the original option.

 (5) You must receive nothing else in substitution for the original rights or original option.

 (6) The market value of the new rights or new option just after it was issued must be at least equal to the market value of the original rights or original option just before it was cancelled.

 (7) One of these requirements must be satisfied:

 (a) you must be an Australian resident at the time of the cancellation; or

 (b) if you are not an Australian resident at that time—the original rights or original option have the *necessary connection with Australia.

Note: The roll‑over consequences are set out in Subdivision 124‑A. The original asset is the original rights or original option. The new asset is the new rights or new option.

124‑300  Exchange of rights or option to acquire units in a unit trust

 (1) You can choose to obtain a roll‑over if:

 (a) you own rights (the original rights) to *acquire units in a unit trust or to acquire an option to acquire units in a unit trust; or

 (b) you own an option (the original option) to acquire units in a unit trust;

and these other requirements are satisfied.

Note: Section 103‑25 tells you when you have to make the choice.

 (2) The units must:

 (a) be consolidated and divided into new units of a larger amount; or

 (b) be subdivided into new units of a smaller amount.

 (3) The trustee must cancel the original rights or original option because of the consolidation or subdivision.

 (4) The trustee must:

 (a) issue you with new rights (relating to the new units) in substitution for the original rights; or

 (b) issue you with a new option (relating to the new units) in substitution for the original option.

 (5) You must receive nothing else in substitution for the original rights