Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:9_13:p7
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 9 cl 13 (pt 7/9)
Character Range: 75649–78278

1985, the first element of each replacement asset's *cost base is the sum of:
 (a) the amount worked out under the formula in subsection (4); and
 (b) any amount the new owner paid to get the replacement asset (which can include giving property: see section 103‑5).

 (4) The formula is:

Note: If the original asset is an old licence that ceases to have effect only partly, subsection (7) modifies this formula.

 (5) The first element of each replacement asset's *reduced cost base is worked out similarly.

 (6) If the original owner *acquired the original asset before 20 September 1985, the new owner is taken to have acquired each replacement asset before that day.

 (7) If, in a situation covered by section 124‑900, an old licence mentioned in that section ceases to have effect only partly, then the reference in subsection (4) of this section to the original asset's *cost base is taken to be a reference to such part of the cost base of the old licence as is reasonably attributable to the part of the old licence that ceases to have effect.

124‑920  Consequences of a new owner roll‑over (where more than one CGT asset comes to an end)

 (1) In each situation covered by section 124‑900, 124‑905 or 124‑910, where:
 (a) a person's (the original owner's) ownership of more than one *CGT asset (the original asset or assets) comes to an end; and
 (b) another person (the new owner) acquires one or more *CGT assets (the replacement asset or assets);
the consequences of that section applying are the consequences set out in this section.

 (2) A *capital gain or a *capital loss that the original owner makes from a *CGT event happening to any of the original assets is disregarded.

 (3) If the original owner *acquired all the original assets on or after 20 September 1985, the first element of each replacement asset's *cost base is the sum of:
 (a) the amount worked out under the formula in subsection (4); and
 (b) any amount the new owner paid to get the replacement asset (which can include giving property: see section 103‑5).

 (4) The formula is:

Note: If an original asset is an old licence that ceases to have effect only partly, subsection (11) modifies this formula.

 (5) The first element of each replacement asset's *reduced cost base is worked out similarly.

 (6) If the original owner *acquired all the original assets before 20 September 1985, the new owner is taken to have acquired each replacement asset before that day.

 (7) If the original owner *acquired some of the original assets before 20 September 1985, each replacement asset, or part of a replacement asset, to the extent that it