Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_2:p1
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 1/9)
Character Range: 523171–525888

2                                                         the death of a person                                                                                           that person

 (5) The entity must make the determination on the basis that the new owner had (in addition to any other *underlying interests), at any time when the former owner had a percentage (the former owner's percentage) of the *underlying interests in the asset, a percentage of the underlying interests in the asset equal to the acquired percentage, or the former owner's percentage at that time, whichever is the less.

Determining the end of a day

 (6) For the purposes of this section, the end of a day is determined according to legal time in the place where the records of ownership of shares or other interests in the entity are kept.

149‑65  Effects of not making the determination

 (1) The asset stops being a *pre‑CGT asset if the entity fails to make the determination as required by this Division.

 (2) Also, Part 3‑1 and this Part (except this Division) apply to the asset as if the entity had acquired it at the end (as determined under subsection 149‑55(4)) of the last *test day before the one for which the determination was required to be made.

 (3) However, if the *test day is the first one after the entity began to be covered by section 149‑50 (which lists the entities affected by this Division), Part 3‑1 and this Part (except this Division) apply to the asset as if the entity had acquired it when the entity began to be covered by that section.

149‑70  Effects if asset no longer has same majority underlying ownership

 (1) The asset stops being a *pre‑CGT asset if the determination shows that at the end of the *test day *majority underlying interests in the asset were not had by *ultimate owners who had *majority underlying interests in the asset at the end of the *starting day.

 (2) Also, Part 3‑1 and this Part (except this Division) apply to the asset as if the entity had acquired it at the end of the *test day (as determined under subsection 149‑55(4)).

 (3) However, disregard subsections (1) and (2) if the Commissioner is satisfied, or thinks it reasonable to assume, that at the end of the *test day *majority underlying interests in the asset were had by *ultimate owners who had *majority underlying interests in the asset at the end of the *starting day.

149‑75  Cost base elements of asset that stops being a pre‑CGT asset

 (1) This section affects the *cost base and *reduced cost base of the asset if it stops being a *pre‑CGT asset.

 (2) The first element of each is the asset's market value at the time referred to in subsection 149‑65(2) or (3) or 149‑70(2), as