Document ID: chunk:federal_register_of_legislation:C2010C00685:clause:1_17
Version: federal_register_of_legislation:C2010C00685
Segment Type: clause
Provision Reference: sch 1 cl 17
Character Range: 13756–15402

17  Subsections 160ZZPV(2) and (3)
Repeal the subsections, substitute:

 (2) If this section applies, the following provisions have effect:
 (a) the taxpayer must apportion the total net roll‑over amount among the nominated replacement assets in such manner as the taxpayer determines but so that the amount apportioned to a particular asset does not exceed the lesser of:
 (i) the cost base of the asset; and
 (ii) if the asset is a share in a company or a unit in a unit trust—the maximum apportionment amount for the share or unit worked out under subsection (3);
 (b) if an amount is apportioned to an asset that is not a depreciable asset—the cost base of the asset is taken, from the time of its acquisition by the taxpayer, to have been reduced by the amount;
 (c) if an amount is apportioned to an asset that is a depreciable asset and section 160ZZPX does not apply in relation to the asset before it is disposed of—the amount is taken to be a capital gain that accrues to the taxpayer during the year of income in which the asset is disposed of;
 (d) if the amount apportioned to assets under paragraph (a) is less than the total net roll‑over amount—an amount equal to the difference is taken to be a capital gain that accrued to the taxpayer during the disposal year of income.

 (3) The maximum apportionment amount for a share in a particular company or a unit in a particular unit trust is:

where:

active assets are those assets of the company or trust that were active assets of the company or trust, as the case may be, at the time of the acquisition of the shares or units.

market value means the market value at that time.