Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 360.60

  (1)   The purpose of this section is to ensure that the modifications made by section   360 - 50 are not affected merely because of one or more * same - asset roll - overs or * replacement - asset roll - overs (other than roll - overs under Division   122 or Subdivision   124 - M).

  (2)   If, apart from those roll - overs, the entity (the original entity ) mentioned in subsection   360 - 50(1) would continue to hold the * share (the original share ) mentioned in that subsection, then subsections   360 - 50(2) to (5) apply as if:

  (a)   the following asset were the original share:

  (i)   if the last roll - over is a * same - asset roll - over--the asset for the roll - over;

  (ii)   if the last roll - over is a * replacement - asset roll - over--the replacement asset for the roll - over; and

Note:   The asset for subparagraph   (i) will be the original share unless a replacement - asset roll - over happened beforehand.

  (b)   that asset was issued when the original share was issued; and

  (c)   the entity that * acquired that asset for the roll - over had continuously held that asset since the original share was issued; and

  (d)   that entity were the original entity; and

  (e)   in a case where that entity is a partnership--paragraphs   (a) to (d) modify subsections   360 - 50(2) to (5) as they apply with the modifications in section   360 - 55; and

  (f)   in a case where that entity is not a partnership but the entity that owned the original asset for the roll - over is--paragraphs   (a) to (d) modify subsections   360 - 50(2) to (5) as they apply without the modifications in section   360 - 55.

Note:   A roll - over under Division   122 (about wholly - owned companies) or Subdivision   124 - M (about scrip for scrip roll - overs) will stop the modified CGT treatment under section   360 - 50 from continuing to apply.