Document ID: chunk:federal_register_of_legislation:C2020C00244:clause:1_9:p2
Version: federal_register_of_legislation:C2020C00244
Segment Type: clause
Provision Reference: sch 1 cl 9 (pt 2/8)
Character Range: 14367–17062

at least one other asset of the receiving trust:
 (i) is an asset for which a roll‑over was obtained under this Subdivision for the trusts; and
 (ii) is an asset over which the receiving trust was created, or was transferred by the transferring trust to the receiving trust under the arrangement; and
 (d) the transfer time is in the income year for the transferring trust that includes the earliest transfer time (the start time) for the assets covered by paragraph (c).

Obtaining the roll‑over
 (3) The roll‑over only happens if both the trustee of the transferring trust and the trustee of the receiving trust choose to obtain it.

126‑230  Beneficiaries' entitlements not be discretionary etc.
 (1) The conditions in subsections (2) and (3) must be met:
 (a) if subsection 126‑225(2) applies—at all times during the period:
 (i) starting at the start time; and
 (ii) ending at the transfer time; and
 (b) otherwise—at the transfer time.

CGT event E4 is capable of happening
 (2) The first condition is met at a particular time if, at that time, *CGT event E4 is capable of happening to all of the *membership interests in each of the trusts.
Note: A roll‑over cannot be chosen if either trust is a discretionary trust.

Beneficiaries' entitlements not discretionary
 (3) The second condition is met at a particular time if, at that time, the manner or extent to which each beneficiary of each trust can benefit from the trust is not capable of being significantly affected by the exercise, or non‑exercise, of a power.
 (4) However, if both trusts are *managed investment trusts, disregard a power if the power's existence at that time does not significantly affect the *market value at that time of each *membership interest in each of the trusts.

126‑235  Exceptions for roll‑over

Foreign trusts
 (1) An exception applies for a *CGT asset if:
 (a) the receiving trust is a *foreign trust for CGT purposes for the income year that includes the transfer time; and
 (b) the roll‑over asset is not *taxable Australian property just after the transfer time.

Corporate unit trusts and public trading trusts
 (2) Another exception applies if either trust is a trust to which section 102K or 102S of the Income Tax Assessment Act 1936 applies for the income year that includes the transfer time.

Choices
 (3) Another exception applies if, just after the transfer time:
 (a) a choice (however described) under a provision of a *taxation law is in force for either of the trusts in relation to particular circumstances; and
 (b) the same choice (however described) under that provision for the other trust in relation to those circumstances (a mirror choice) is not also in force; and
 (c) the