Commonwealth of Australia Consolidated Acts Commonwealth of Australia Consolidated Acts(1) There are these consequences (in most cases) if you can obtain a roll-over when your ownership of a * CGT asset (the original asset ) ends and you * acquire one or more CGT assets (the new assets ) in a situation covered by this Division.
(1A) A * car, motor cycle or similar vehicle must not be one of the new assets.
(2) A * capital gain or a * capital loss you make from the original asset is disregarded.
(3) If you * acquired the original asset on or after 20 September 1985, the first element of each new asset's * cost base is:
The first element of each new asset's * reduced cost base is worked out similarly.
Note 1: In some cases the amount you paid to acquire the new asset also forms part of the first element: see Subdivision 124-D (about strata title conversion) and Subdivision 124-O (about FSR transitions).
Note 2: There are modifications to the consequences in Subdivision 124-B (about compulsory acquisition, loss or destruction), Subdivision 124-C (about statutory licences), Subdivision 124-J (about Crown leases), Subdivision 124-L (about prospecting and mining) and Subdivision 124-O (about FSR transitions).
Note 3: No other elements of the cost base of the new asset are affected by the roll-over.
Note 4: There are special indexation rules for roll-overs: see Division 114.
Note 5: The reduced cost base may be modified for a roll-over happening after a demerger: see section 125-170.
(4) If you * acquired the original asset before 20 September 1985, you are taken to have acquired each new asset before that day.
Note: A capital gain or loss you make from a CGT asset you acquired before 20 September 1985 is generally disregarded: see Division 104. This exemption is removed in some situations: see Division 149.
(5) However, subsection (4) is taken never to have applied to a * share to which subsection 104-195(6) applies (CGT event J4).