Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 152.410

    You can choose to obtain a roll - over under this Subdivision for a * capital gain if the basic conditions in Subdivision   152 - A are satisfied for the gain.

Note 1:   You can choose the roll - over even if you have not yet acquired a replacement asset or incurred fourth element expenditure, but:

(a)   CGT event J5 happens if, by the end of the replacement asset period, you do not acquire the asset or incur the expenditure (see section   104 - 197); and

(b)   CGT event J6 happens if, by the end of the replacement asset period, the cost of the replacement asset or the amount of fourth element expenditure incurred (or both) is less than the amount of the capital gain that you disregarded (see section   104 - 198).

Note 2:   If you have acquired a replacement asset or incurred fourth element expenditure but there is a change in relation to the replacement asset or improved asset after the end of the replacement asset period, CGT event J2   may happen: see section   104 - 185.