Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 310.50

  (1)   An entity that chooses a roll - over under this Subdivision must choose the form of the roll - over that applies to each of the following:

  (a)   the original assets that are not * revenue assets;

  (b)   the original assets that are revenue assets.

  (2)   In respect of original assets that are not * revenue assets, the entity choosing the roll - over must choose either section   310 - 55 (global asset approach) or 310 - 60 (individual asset approach) to apply to the original assets and the corresponding received assets.

  (3)   In respect of original assets that are * revenue assets, the entity choosing the roll - over must choose either section   310 - 65 (global asset approach) or 310 - 70 (individual asset approach) to apply to the original assets and the corresponding received assets.

Note:   The entity choosing the form of the roll - over may choose different forms of roll - over for its CGT assets and revenue assets.

Table of sections

310 - 55   CGT assets--if global asset approach chosen

310 - 60   CGT assets--individual asset approach

310 - 65   Revenue assets--if global asset approach chosen

310 - 70   Revenue assets--individual asset approach

310 - 75   Further consequences for roll - overs involving life insurance companies