Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If you receive money for the event happening, you can choose to obtain a roll - over only if these other requirements are satisfied.
Note: The roll - over consequences are set out in section 124 - 85.
(2) You must:
(a) incur expenditure in * acquiring another * CGT asset (except a * depreciating asset whose decline in value is worked out under Division 40 or deductions for which are calculated under Division 328); or
(b) if part of the original asset is lost or destroyed--incur expenditure of a capital nature in repairing or restoring it.
(3) At least some of the expenditure must be incurred:
(a) no earlier than one year, or within such further time as the Commissioner allows in special circumstances, before the event happens; or
(b) no later than one year, or within such further time as the Commissioner allows in special circumstances, after the end of the income year in which the event happens.
Special rules if you acquire another asset
(4) If just before the event happened the original asset:
(a) was used in your * business; or
(b) was * installed ready for use in your business; or
(c) was in the process of being * installed ready for use in your business;
the other asset must be used in the business, or be installed ready for use in the business, for a reasonable time after you * acquired it.
Otherwise, you must use the other asset (for a reasonable time after you * acquired it) for the same purpose as, or for a similar purpose to, the purpose for which you used the original asset just before the event happened.
(5) The other asset cannot become an item of your * trading stock just after you * acquire it, nor can it be a * depreciating asset whose decline in value is worked out under Division 40 or deductions for which are calculated under Division 328.
(6) The other asset cannot become a * registered emissions unit * held by you just after you * acquire it.