Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p14
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 14/29)
Character Range: 2878998–2881718

roll‑over). If you choose to disregard $20,000, you are left with a final capital gain of $5,000.

152‑420  Rules where an individual who has obtained a roll‑over dies
 (1) This section applies if:
 (a) a replacement asset, or an asset in relation to which *fourth element expenditure has been incurred, formed part of the estate of an individual who has died; and
 (b) either or both of the following apply:
 (i) the asset has devolved to the deceased's *legal personal representative;
 (ii) the asset has *passed to a beneficiary of the deceased; and
 (c) a change covered by subsection 104‑185(2) or (3) did not happen while the deceased owned it or, if the asset has passed to a beneficiary, while the asset was in the hands of the deceased's legal personal representative.
 (2) For the purposes of this Subdivision, anything done or not done by the deceased in relation to the asset is treated as though it had been done or not done by the *legal personal representative.
 (3) For the purposes of this Subdivision, if the asset has *passed to a beneficiary, anything done or not done by the deceased or by the deceased's *legal personal representative (including because of the operation of subsection (2)) in relation to the asset is treated as though it had been done or not done by the beneficiary.

152‑430  15‑year rule has priority
  This Subdivision does not apply to a *capital gain to which Subdivision 152‑B (15‑year exemption) applies.
Note: Under that Subdivision, such a gain is entirely disregarded, so there is no need for any further concession to apply.

Part 3‑5—Corporate taxpayers and corporate distributions

Division 160—Corporate loss carry back tax offset for 2020‑21, 2021‑22 or 2022‑23 for businesses with turnover under $5 billion

Table of Subdivisions
 Guide to Division 160
160‑A Entitlement to and amount of loss carry back tax offset
160‑B Loss carry back choice

Guide to Division 160

160‑1  What this Division is about

      A corporate tax entity can choose to "carry back" a tax loss it had for 2019‑20, 2020‑21, 2021‑22 or 2022‑23 against the income tax liability it had for 2018‑19, 2019‑20, 2020‑21 or 2021‑22.
      The entity gets a refundable tax offset for 2020‑21, 2021‑22 or 2022‑23 that is a proxy for the tax the entity would save if it deducted the loss in the income year to which the loss is "carried back".
      The refundable tax offset:
             (a) is capped at the entity's franking account balance; and
             (b) is only available for losses for years for which the entity's turnover was less than $5 billion.

Subdivision 160‑A—Entitlement to and amount of loss carry back tax offset

Table of sections
160‑5 Entitlement to loss carry back tax