Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a partner * acquired all the partner's interests in the asset on or after 20 September 1985:
(a) the first element of each * share's * cost base is the sum of the cost bases of the interests when the partner * disposed of them (less any liabilities the company undertakes to discharge in respect of them) divided by the number of the partner's shares; and
(b) the first element of each share's * reduced cost base is worked out similarly.
Note 1: There are rules for working out what are the liabilities in respect of an interest in an asset: see section 122 - 145.
Note 2: There are special indexation rules for roll - overs: see Division 114.
(2) If a partner * acquired all the partner's interests in the asset before 20 September 1985, the partner is taken to have acquired the * shares before that day.