Document ID: chunk:federal_register_of_legislation:C2007A00055:clause:1_67:p2
Version: federal_register_of_legislation:C2007A00055
Segment Type: clause
Provision Reference: sch 1 cl 67 (pt 2/2)
Character Range: 49456–50317

(3) If you acquired a replacement asset within the replacement asset period but the total of the first and second elements of the cost base of that asset is less than the amount of the capital gain that would, apart from this subsection, be disregarded, the amount to be disregarded is that total.

 (4) However, if you do not acquire a replacement asset within the replacement asset period, that Act applies to you as if you had never chosen the roll‑over, and the capital gain is not disregarded.

 (5) The Commissioner may extend the replacement asset period.

152‑15  Amendment of assessments

  Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment made before the commencement of this section at any time in the period of 4 years starting at that commencement for the purpose of giving effect to this Division.