Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 122.45

  (1)   If you choose a roll - over for * disposing of all the assets of a * business to the company, a * capital gain or * capital loss you make from each of the assets of the business is disregarded.

  (2)   The other consequences relate to the * shares you receive and depend on when you * acquired the assets of the * business.

Note 1:   There are 3 possible cases:

•   you acquired all the assets on or after 20   September 1985: see section   122 - 50;

•   you acquired all the assets before that day: see section   122 - 55;

•   you acquired some of the assets on or after that day: see section   122 - 60.

Note 2:   There are special indexation rules for roll - overs: see Division   114.

Note 3:   There are other consequences for you and the company if you dispose of trading stock: see Division   70.