Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 620.5

There are tax - neutral consequences of a body, that is incorporated under one law and ceases to exist, disposing of an asset to a company incorporated under another law, if the ownership of the company is not significantly different from the ownership of the body.

Table of sections

Application and object of this Subdivision

620 - 10   Application

620 - 15   Object

CGT consequences

620 - 20   Disregard body's capital gains and losses from CGT assets

620 - 25   Cost base and pre - CGT status of CGT asset for company

Consequences for depreciating assets

620 - 30   Roll - over relief for balancing adjustment events

Consequences for trading stock

620 - 40   Body taken to have sold trading stock to company

Consequences for revenue assets

620 - 50   Body taken to have sold revenue assets to company