Document ID: chunk:federal_register_of_legislation:C2010C00577:clause:2_1:p4
Version: federal_register_of_legislation:C2010C00577
Segment Type: clause
Provision Reference: sch 2 cl 1 (pt 4/4)
Character Range: 38880–39979

under the trust restructure is the same as the cost base and reduced cost base of that asset (for the transferor) just before that acquisition.

Note: For the cost base and reduced cost base of interests in the transferee: see Subdivision 124‑A.

Pre‑CGT assets retain their status

 (3) If the transferor *acquired any of the *CGT assets *disposed of to the transferee under the trust restructure before 20 September 1985, the transferee is taken to have acquired it before that day.

 (4) However, subsection (3) is taken never to have applied to such an asset of the transferee if subsection 104‑195(4) (CGT event J4) applies to the transferee in relation to the asset.

Exception: trading stock

 (5) This section does not apply to a *CGT asset if:
 (a) the asset was an item of *trading stock of the transferor and becomes an item of trading stock of the transferee; or
 (b) the asset was not an item of trading stock of the transferor but becomes an item of trading stock of the transferee when the transferee *acquires it.

Part 2—Consequential amendments

Income Tax Assessment Act 1997