Document ID: chunk:federal_register_of_legislation:C2014A00133:clause:1_41
Version: federal_register_of_legislation:C2014A00133
Segment Type: clause
Provision Reference: sch 1 cl 41
Character Range: 25452–27663

41  Before Division 620
Insert:

Division 615—Roll‑overs for business restructures

Table of Subdivisions
615‑A Modifications for roll‑overs between the 2011 and 2012 Budget times

Subdivision 615‑A—Modifications for roll‑overs between the 2011 and 2012 Budget times

Table of sections
615‑5 Roll‑overs between the 2011 and 2012 Budget times
615‑10 Modifications—when additional consequences can apply
615‑15 Modifications—trading stock
615‑20 Modifications—revenue assets

615‑5  Roll‑overs between the 2011 and 2012 Budget times
  Subdivision 615‑C of the Income Tax Assessment Act 1997 applies to you with the modifications set out in this Subdivision if you chose to obtain a roll‑over involving *shares or units that:
 (a) were disposed of, redeemed or cancelled during the period:
 (i) starting at 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011; and
 (ii) ending immediately before 7.30 pm, by legal time in the Australian Capital Territory, on 8 May 2012; and
 (b) were your trading stock, or revenue assets, at the time immediately before that disposal, redemption or cancellation.

615‑10  Modifications—when additional consequences can apply
 (1) Disregard subparagraph 615‑45(a)(ii), and paragraph 615‑45(b), of the Income Tax Assessment Act 1997 if the roll‑over relates to *shares that were disposed of, redeemed or cancelled.
 (2) Disregard paragraph 615‑45(d) of that Act.

615‑15  Modifications—trading stock
  Substitute the following for subsection 615‑50(2) of that Act:
 (2) For each of the *shares in the interposed company that you acquired in return for those of your shares or units in the original entity that were your *trading stock at the time mentioned in paragraph 615‑45(c), you are taken to have paid:

615‑20  Modifications—revenue assets
  Substitute the following for subsection 615‑55(2) of that Act:
 (2) For the purpose of calculating any profit or loss on a future disposal, cessation of ownership, or other realisation of a *share in the interposed company that you acquired in return for those of your shares or units in the original entity that were *revenue assets at the time mentioned in paragraph 615‑45(c), you are taken to have paid: