Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT 1992No. 35, 1992 - SECT 39

39. Section 123F of the Principal Act is amended:

   (a)  by omitting from subsection (1) "Subject to this section, where" and
        substituting "If";
(b) by omitting from subsection (1) all the words after "property before the
change" (second occurring) and substituting "(in this section called the
'transferor') had, on the day on which the change occurred, disposed of the
whole of the property to the person, or all the persons, by whom the property
is owned after the change (in this section called the 'transferee')";

   (c)  by omitting subsection (2) and substituting the following subsections:

"(2) If deductions have been allowed or are allowable under Subdivision A in
respect of the property:

   (a)  unless a joint election for roll-over relief is made by both the
        transferor and the transferee - this Division applies as if the
        consideration for the disposal were equal to the market value of the
        property immediately before the time when the change occurred; or

   (b)  if a joint election for roll-over relief is made by both the
        transferor and the transferee - section 123BBA applies to the
        disposal.

"(2A) If deductions have been allowed or are allowable under Subdivision B in
respect of the property:

   (a)  unless a joint election for roll-over relief is made by both the
        transferor and the transferee - this Division applies as if the
        consideration for the disposal were equal to the market value of the
        property immediately before the time when the change occurred; or

   (b)  if a joint election for roll-over relief is made by both the
        transferor and the transferee - section 123BF applies to the disposal.

"(2B) A joint election for roll-over relief has no effect unless it:

   (a)  is in writing; and

   (b)  is made:

        (i)    within 6 months after the later of the following:

                (A)  the end of the year of income of the transferee in which
                     the disposal occurred;

                (B)  the commencement of this subsection; or

        (ii)   within such further period as the Commissioner allows; and

   (c)  contains such information about the transferor's holding of the
        property as will enable the transferee to work out how section 123BBA
        or 123BF, as the case may be, will apply to the transferee's holding
        of the property.

"(2C) If a person dies before the end of the period allowed for making a joint
election for roll-over relief, the trustee of the deceased person's estate may
be a party to the election on the deceased person's behalf.";
(d) by inserting in subsection (3) "or (2A)" after "subsection (2)".