Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 126.20

             (1)  This section applies if:

                     (a)  there is a roll-over for the trigger event under section 126-15; and

                     (b)  the transferor was:

                              (i)  a * CFC; or

                             (ii)  a trustee of a trust that is a non-resident trust estate within the meaning of section 102AAB of the Income Tax Assessment Act 1936 for the income year of the trigger event; and

                     (c)  section 126-15 is relevant to:

                              (i)  the calculation of the * attributable income of the CFC under Division 7 of Part X of the Income Tax Assessment Act 1936 ; or

                             (ii)  the calculation of the attributable income of the trust under Subdivision D of Division 6AAA of Part III of that Act;

                            because (ignoring the residency assumptions in that Division or Subdivision) the roll-over asset was not * taxable Australian property; and

                     (d)  a subsequent * CGT event happens in relation to the roll-over asset.

             (2)  In working out the amount of any * capital gain or * capital loss the transferee (or a subsequent owner of the roll-over asset if there is a series of roll-overs until there is no roll-over) makes when a subsequent * CGT event happens in relation to the asset, the modifications specified in Division 7 of Part X, or Subdivision D of Division 6AAA of Part III, of the Income Tax Assessment Act 1936 apply.