Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A whole number of the units that the company owns in the unit trust (just after the completion time) are taken to have been * acquired before 20 September 1985 if any of the unit trust's assets as at the completion time were acquired by it before that day.
Note: Generally, a capital gain or capital loss you make from a CGT asset that you acquired before 20 September 1985 can be disregarded: see Division 104.
(2) The number (worked out as at the completion time) is the greatest possible that (when expressed as a percentage of all the units) does not exceed:
• the * market value of the unit trust's assets that it * acquired before 20 September 1985 less its liabilities (if any) in respect of those assets;
expressed as a percentage of:
• the market value of all the unit trust's assets less all of its liabilities.
(3) The first element of the * cost base of the company's units in the unit trust that are not taken to have been * acquired before 20 September 1985 is:
• the total of the cost bases (as at the completion time) of the unit trust's assets that it acquired on or after that day;
less:
• its liabilities (if any) in respect of those assets.
(4) The first element of the * reduced cost base of the company's units is worked out similarly.
(5) A liability of the unit trust that is not a liability in respect of a specific asset or assets of the trust is taken to be a liability in respect of all the assets of the trust.
Note: An example is a bank overdraft.
(6) If a liability is in respect of 2 or more assets, the proportion of the liability that is in respect of any one of those assets is equal to:
