Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if:
(a) there is a roll - over for the trigger event under this Subdivision; and
(b) the originating company was a * CFC at the time of the trigger event; and
(c) this Subdivision is relevant to the calculation of the * attributable income of the originating company under Division 7 of Part X of the Income Tax Assessment Act 1936 because (ignoring the residency assumptions in that Division) the roll - over asset was not * taxable Australian property for the originating company; and
(d) a subsequent * CGT event happens in relation to the roll - over asset.
(2) In working out the amount of any * capital gain or * capital loss the recipient company (or a subsequent owner of the roll - over asset if there is a series of roll - overs until there is no roll - over) makes when a subsequent * CGT event happens in relation to the asset, the modifications specified in Division 7 of Part X of the Income Tax Assessment Act 1936 apply.