Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_2
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 305332–307114

2                                           You *dispose of all the assets of a *business to the company                      (a) a *collectable or a *personal use asset; or

                                                                                                                              (b) a decoration awarded for valour or brave conduct (except if you paid money or gave any other property for it); or

                                                                                                                              (c) an asset that becomes *trading stock of the company just after the disposal or creation (unless it was your trading stock when you disposed of it)

 (3) A precluded asset is:

 (a) a *car, motorcycle or similar vehicle; or

 (b) *trading stock; or

 (c) an interest in the copyright in a film referred to in section 118‑30; or

 (d) a right to mine in a particular area in Australia referred to in section 118‑45.

 (4) If:

 (a) the *CGT asset or any of the assets of the *business is a right, option or *convertible note; and

 (b) the company *acquires another CGT asset by exercising the right or option or by converting the convertible note;

the other asset cannot become *trading stock of the company just after the company acquired it.

 (5) The *ordinary income and *statutory income of the company must not be exempt from income tax because of Division 50 for the income year of the trigger event.

 (6) If you are an individual, the requirements in one of the items in this table must be satisfied:

Additional requirement
                        Your residency status                                        The company's residency status                               This requirement must be satisfied
Item