Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 124.855

  (1)   A roll - over may be available for a restructuring (a trust restructure ) if:

  (a)   a trust, or 2 or more trusts, (the transferor ) * dispose of all of their * CGT assets to a company limited by * shares (the transferee ); and

  (b)   * CGT event E4 is capable of applying to all of the units and interests in the transferor; and

  (c)   the requirements in section   124 - 860 are met.

Note:   A roll - over is not available for a restructure undertaken by a discretionary trust.

  (2)   For 2 or more transferors, units and interests in each transferor must be owned in the same proportions by the same beneficiaries.

Example:   Matthew and Jaclyn each own 50% of the units in the Spring Unit Trust and the Dale Unit trust. All of the assets of both trusts are disposed of to Jonathon Pty Ltd. A roll - over for a trust restructure is available if the other requirements of this Subdivision are met.