Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 122.45

             (1)  If you choose a roll-over for * disposing of all the assets of a * business to the company, a * capital gain or * capital loss you make from each of the assets of the business is disregarded.

             (2)  The other consequences relate to the * shares you receive and depend on when you * acquired the assets of the * business.

Note 1:       There are 3 possible cases:

*          you acquired all the assets on or after 20 September 1985: see section 122-50;

*          you acquired all the assets before that day: see section 122- 55;

*          you acquired some of the assets on or after that day: see section 122-60.

Note 2:       There are special indexation rules for roll-overs: see Division 114.

Note 3:       There are other consequences for you and the company if you dispose of trading stock: see Division 70.