Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 152.115

Asset compulsorily acquired, lost or destroyed

  (1)   If a * CGT asset is an asset (the new asset ) you acquired to satisfy the requirement in subsection   124 - 70(2) or 124 - 75(2) for a roll - over under Subdivision   124 - B, then paragraphs 152 - 105(b) and 152 - 110(1)(b) and (c) (the 15 - year and significant individual rules) apply as if you had acquired the new asset when you acquired the original asset.

Note:   Subdivision   124 - B allows you to choose a roll - over if your CGT asset is compulsorily acquired, lost or destroyed.

Assets replaced during FSR transition (same owner roll - overs)

  (1A)   If a * CGT asset is an asset (the new asset ) you acquired in a situation covered by former section   124 - 880, 124 - 885 or 124 - 890, then paragraphs 152 - 105(b) and 152 - 110(1)(b) and (c) (the 15 - year and significant individual rules) apply as if you had acquired the new asset when you acquired the original asset.

Note:   Former Subdivision   124 - O provided a roll - over for certain CGT assets that came to an end as a result of an FSR transition.

Asset replaced during FSR transition (new owner roll - overs)

  (1B)   If a * CGT asset is an asset (the new asset ) acquired in a situation covered by former section   124 - 900, 124 - 905 or 124 - 910, then paragraphs 152 - 105(b) and 152 - 110(1)(b) and (c) (the 15 - year and significant individual rules) apply as if the new owner had acquired the new asset when the original owner acquired the original asset.

Note:   Former Subdivision   124 - O provided a roll - over for certain CGT assets that came to an end as a result of an FSR transition.

Marriage or relationship breakdowns

  (2)   If you made the choice mentioned in subsection   152 - 45(2) for a * CGT asset, then paragraphs 152 - 105(b) and (c) and 152 - 110(1)(b) and (c) (the 15 - year and significant individual rules) apply as if you had acquired the asset when the transferor acquired it.

Note:   There is a roll - over under Subdivision   126 - A if CGT assets are transferred because of a marriage or relationship breakdown.

Restructures of small businesses

  (3)   If section   328 - 450 or 328 - 455 applies in relation to the transfer of an asset to you, then paragraphs 152 - 105(b) and (c) and 152 - 110(1)(b) and (c) (the 15 - year and significant individual rules) apply as if:

  (a)   you had acquired the asset when the entity transferring the asset acquired it; or

  (b)   in a case where, for the purposes of applying those paragraphs, the time when that entity acquired the asset was provided for by this subsection--you had acquired the asset at that time.