Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) There is a roll - over if:
(a) you own * ownership interests in 2 or more trusts, or in one or more companies and one or more trusts, and those interests are stapled together to form stapled securities; and
(b) at least one of the trusts is a trust whose trustee is not assessed and liable to pay tax under Division 6C of Part III of the Income Tax Assessment Act 1936 ; and
(c) if no company is involved--at least one of the trusts is a trust whose trustee is assessed and liable to pay tax under Division 6C of Part III of that Act; and
(d) under a * scheme for reorganising the affairs of the relevant * stapled entities, you and the other entities that own the ownership interests in the stapled entities (together the exchanging members ):
(i) stop being the owner of those ownership interests and acquire ownership interests in a new unit trust (the interposed trust ) and nothing else (a new trust case ); or
(ii) retain their ownership interests in one of those trusts (also the interposed trust ), stop being the owner of the remaining ownership interests that form the stapled securities and receive nothing other than ownership interests in the interposed trust, or an increase in value of their existing ownership interests in the interposed trust, or both (an existing trust case ); and
Note: See section 124 - 20 if an exchanging member uses an interest sale facility.
(e) under the scheme, the interposed trust becomes the owner of:
(i) for a new trust case--all of the ownership interests in the stapled entities; or
(ii) for an existing trust case--all of the ownership interests in the other stapled entities; and
(f) the conditions in section 124 - 1050 are satisfied.
Note: Division 6C of Part III of the Income Tax Assessment Act 1936 deals with taxing public trading trusts in the same way as companies.
(2) An entity is a stapled entity in relation to stapled securities if * ownership interests in the entity form part of the stapled securities.
(3) Ignore for the purposes of subsection (1) * ownership interests held by one * stapled entity in another stapled entity as at the start of the day on which the Bill for this Act was introduced into the Parliament.