Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p15
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 15/18)
Character Range: 2722870–2725678

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 before the transfer time were references to just before the starting time; and
 (b) references in those subsections to just after the transfer time were references to just after the ending time.

126‑255  No other cost base etc. adjustment for beneficiaries
  If a beneficiary of the trusts makes adjustments under section 126‑245 or 126‑250 to the *cost base and *reduced cost base of the beneficiary's *membership interests in relation to the *CGT event that is:
 (a) the creation of the receiving trust over the roll‑over asset; or
 (b) the transfer of the roll‑over asset to the receiving trust;
no other adjustment is to be made under this Act to those cost bases and reduced cost bases because of something that happens in relation to that event.
Note: This section prevents the general value shifting regime from applying in relation to the event because sections 126‑245 and 126‑250 deal with any value shift that might occur.

126‑260  Giving information to beneficiaries

Beneficiaries must be given particulars of the roll‑over
 (1) If the roll‑over is chosen, the trustee of the transferring trust must, within 3 months after the end of the transfer year, send written notice of the particulars set out in subsection (2) to each of the trust's beneficiaries:
 (a) by post to the address most recently notified by the beneficiary as the beneficiary's address; or
 (b) by any other means notified by the beneficiary for receiving correspondence from the trust.
Note: The trustee may also notify beneficiaries of other details of the roll‑over.

The particulars that must be given
 (2) The particulars are as follows:
 (a) the roll‑over asset's transfer time;
 (b) sufficient information to enable a beneficiary to work out which of the beneficiary's *membership interests in the receiving trust correspond to each of the beneficiary's membership interests in the transferring trust;
 (c) the *market value of each of the membership interests held by the beneficiary in the transferring trust just after the roll‑over asset's transfer time, or a reasonable approximation of that market value;
 (d) the market value of each of the membership interests held by the beneficiary in the transferring trust just before the roll‑over asset's transfer time, or a reasonable approximation of that market value.

Offence
 (3) A trustee commits an offence if the trustee contravenes subsection (1).
Penalty: 30 penalty units.
 (4) An offence against subsection (3) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

If