Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p14
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 14/18)
Character Range: 2720298–2723110

the transfer time, of that corresponding membership interest in the transferring trust;
reasonably approximates:
 (d) if paragraph (b) applies—the sum of the cost bases, just after the transfer time, of each of the interests referred to in paragraphs (a) and (b); and
 (e) if paragraph (c) applies—the sum of:
 (i) the cost base, just after the transfer time, of the interest referred to in paragraph (a); and
 (ii) the proportion of the cost base, just after the transfer time, of the interest referred to in paragraph (c).

First element of reduced cost base of interests in each trust
 (4) The first element of the *reduced cost base, just after the transfer time, of each of the beneficiary's *membership interests in each trust is worked out similarly.

Time of acquisition for interests in the receiving trust
 (5) Each of the beneficiary's *membership interests in the receiving trust is treated as having been *acquired just after the transfer time.

Time of acquisition for pre‑CGT interests in the receiving trust
 (6) However, if one or more of the beneficiary's *membership interests in the transferring trust were *pre‑CGT assets just before the transfer time, the beneficiary is treated as having *acquired before 20 September 1985 its interests in the receiving trust that correspond to those interests in the transferring trust.

126‑250  Consequences for beneficiaries—other approach for working out cost base etc.
 (1) This section applies if the beneficiary owns one or more *membership interests in the transferring trust at all times during the period:
 (a) starting just before this time (the starting time):
 (i) the transfer time; or
 (ii) the transfer time for an asset referred to in paragraph 126‑225(2)(c) (assuming subsection 126‑225(2) applies); and
 (b) ending just after this time (the ending time):
 (i) the transfer time (assuming this is not also the starting time); or
 (ii) a later time in the transfer year that is the transfer time for another asset for which a roll‑over is obtained under this Subdivision for the trusts.
Note: Subsection 126‑225(2) applies if the roll‑over asset is transferred to the receiving trust after an earlier roll‑over under this Subdivision, for another asset, was obtained for the trusts.
 (2) The beneficiary may choose for each of the following:
 (a) the *cost base and *reduced cost base of each of those *membership interests and of the beneficiary's corresponding membership interests in the receiving trust;
 (b) the time each of those corresponding interests in the receiving trust is treated as having been *acquired;
to be adjusted under subsection (3) for the period.
 (3) For each of the interests referred to in subsection (2), subsections 126‑245(2), (3), (4), (5) and (6) apply as if:
 (a) references in those subsections to just