INCOME TAX ASSESSMENT ACT 1997 - SECT 126.135 Consequences of roll - over

INCOME TAX ASSESSMENT ACT 1997 - SECT 126.135

  (1)   A * capital gain or * capital loss made from the * CGT event is disregarded.

  (2)   If the fund that owned the * CGT asset just before the time of the * CGT event * acquired it before 20   September 1985, the asset retains its status as a * pre - CGT asset in the hands of the fund that owned it after the time of the event.

  (3)   If the fund that owned the * CGT asset just before the time of the * CGT event * acquired it on or after 20   September 1985:

  (a)   the first element of the asset's * cost base (in the hands of the fund that owned the asset after the time of the event) is its cost base just before that time; and

  (b)   the first element of the asset's * reduced cost base asset is worked out similarly; and

  (c)   the fund that owned the asset after the time of the event is taken to have acquired the asset at that time.

Table of sections

126 - 140   CGT event involving small superannuation funds