Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 124.245

    You can choose to obtain a roll - over if:

  (a)   you own units (the original units ) of a certain class in a unit trust; and

  (b)   the trustee redeems or cancels all units of that class; and

  (c)   the trustee issues you with new units (and you receive nothing else) in substitution for the original units; and

  (d)   the * market value of the new units just after they were issued is at least equal to the market value of the original units just before they were redeemed or cancelled; and

  (e)   one of these requirements is satisfied:

  (i)   you are an Australian resident at the time of the redemption or cancellation; or

  (ii)   if you are a foreign resident at that time--the original units were * taxable Australian property just before that time and the new units are taxable Australian property when they are issued.

Note:   The roll - over consequences are set out in Subdivision   124 - A. The original assets are the original units. The new assets are the new units.

Table of sections

124 - 295   Exchange of rights or option to acquire shares in a company

124 - 300   Exchange of rights or option to acquire units in a unit trust