Document ID: chunk:federal_register_of_legislation:C2011C00519:clause:7_3:p1
Version: federal_register_of_legislation:C2011C00519
Segment Type: clause
Provision Reference: sch 7 cl 3 (pt 1/2)
Character Range: 150679–153356

3  At the end of Subdivision 124‑C
Add:

124‑145  Rollover consequences—capital gain or loss disregarded

  A *capital gain or *capital loss you make from the original licence (or from each of the original licences) is disregarded.

124‑150  Rollover consequences—partial roll‑over

 (1) You can obtain only a partial roll‑over in relation to an original licence if the *capital proceeds for that licence includes something (the ineligible proceeds) other than a new licence or new licences. There is no roll‑over for that part (the ineligible part) of the licence for which you received the ineligible proceeds.

Note: If there is more than one original licence, some or all of those original licences may each have an ineligible part.

 (2) The *cost base of the ineligible part is that part of the cost base of the original licence as is reasonably attributable to the ineligible part.

 (3) The *reduced cost base of the ineligible part is that part of the reduced cost base of the original licence as is reasonably attributable to the ineligible part.

 (4) For the purposes of sections 124‑155 and 124‑165, for each original licence that has an ineligible part:
 (a) reduce the *cost base of that licence (just before the *CGT event that happened in relation to it) by so much of that cost base as is attributable to that ineligible part; and
 (b) reduce the *reduced cost base of that licence (just before the CGT event that happened in relation to it) by so much of that reduced cost base as is attributable to that ineligible part.

124‑155  Roll‑over consequences—all original licences were post‑CGT

 (1) This section applies if you *acquired the original licence (or all of the original licences) on or after 20 September 1985.

 (2) The first element of the *cost base of the new licence (or of each of the new licences) is such amount as is reasonable having regard to:
 (a) the total of the cost bases of all the original licences; and
 (b) the number, *market value and character of the original licences; and
 (c) the number, market value and character of the new licences.

 (3) The first element of the *reduced cost base of the new licence (or of each of the new licences) is such amount as is reasonable having regard to:
 (a) the total of the reduced cost bases of all the original licences; and
 (b) the number, *market value and character of the original licences; and
 (c) the number, market value and character of the new licences.

124‑160  Roll‑over consequences—all original licences were pre‑CGT

  If you *acquired the original licence (or all of the original licences) before 20 September 1985, you are taken to have acquired the new licence