Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 149.5

  (1)   This section applies to a CGT asset that:

  (a)   an entity last acquired before 20   September 1985; and

  (b)   the entity owned just before the start of the 1998 - 99 income year; and

  (c)   the entity was taken to have acquired on a day (the acquisition day ) on or after 20   September 1985 under Division   20 of former Part   IIIA of the Income Tax Assessment Act 1936 .

  (2)   In applying Parts   3 - 1 and 3 - 3 of the Income Tax Assessment Act 1997 to the entity:

  (a)   the entity is taken to have acquired the asset on the acquisition day; and

  (b)   the first element of the cost base and reduced cost base of the asset on the acquisition day is the amount for which the entity is taken to have acquired it under Division   20 of former Part   IIIA of the Income Tax Assessment Act 1936 .

Table of sections

152 - 5   Small business roll - over chosen but no capital gain returned

152 - 10   Small business roll - over not chosen and time remains to acquire a replacement asset

152 - 15   Amendment of assessments