INCOME TAX ASSESSMENT ACT 1997 - SECT 615.45 Additional consequences--deferral of profit or loss

INCOME TAX ASSESSMENT ACT 1997 - SECT 615.45

    The additional consequences in sections   615 - 50 and 615 - 55 apply if:

  (a)   under this Division:

  (i)   you are taken to have chosen to obtain the roll - over; or

  (ii)   you otherwise choose to obtain the roll - over; and

  (b)   if subparagraph   (a)(ii) applies to you, you choose for these additional consequences to apply; and

  (c)   some or all of your * shares or units in the original entity at the time immediately before they were:

  (i)   disposed of as described in paragraph   615 - 5(1)(c); or

  (ii)   redeemed or cancelled as described in paragraph   615 - 10(1)(d);

    had the character of being your * trading stock or * revenue assets; and

  (d)   the shares in the interposed company that you acquired in return for those shares or units have the same character.

Note 1:   Apply this section separately for assets of each character.

Note 2:   The CGT exemption for trading stock does not prevent you obtaining the roll - over (see section   615 - 60).