Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 100.33

  (1)   Roll - overs allow you to defer or disregard a capital gain or loss from a CGT event. They apply in specific situations. Some require a choice (for example, where an asset is compulsorily acquired: see Subdivision   124 - B) and some are automatic (for example, where an asset is transferred because of marriage or relationship breakdown: see Subdivision   126 - A).

  (2)   There are 2 types of roll - over:

  1.   a replacement - asset roll - over allows you to defer a capital gain or loss from one CGT event until a later CGT event happens where a CGT asset is replaced with another one;

  2.   a same - asset roll - over allows you to disregard a capital gain or loss from a CGT event where the same CGT asset is involved.

Note:   The replacement - asset roll - overs are listed in section   112 - 115, and the same - asset roll - overs are listed in section   112 - 150.