Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In each situation covered by section 124-880, 124-885 or 124-890, where:
(a) your ownership of one or more * CGT assets (the original asset or assets ) comes to an end; and
(b) you acquire one or more CGT assets (the replacement asset or assets );
the consequences of that section applying are the consequences specified in Subdivision 124-A, with the modifications set out below.
(2) The first element of the * cost base and * reduced cost base of each replacement asset includes any amount you paid to get the replacement asset (which can include giving property: see section 103-5). This subsection does not apply if subsection (3) applies.
Note: If subsection (3) applies, any amount you paid to get the replacement asset is included in the cost base and reduced cost base by subsection (5).
(3) In a situation where subsection 124-15(5) would otherwise apply (where you * acquired some original assets before 20 September 1985 and some on or after that date), use subsections (4) to (7) of this section instead of subsections 124-15(5) and (6).
(4) Each replacement asset, or part of a replacement asset, to the extent that it relates to one or more original assets that were * acquired before 20 September 1985, is taken to be:
(a) a separate asset; and
(b) acquired before 20 September 1985.
(5) The first element of the * cost base of each replacement asset that you are not taken to have * acquired before 20 September 1985 is the sum of:
(a) the amount worked out under the formula in subsection (6); and
(b) either:
(i) any amount you paid to get the replacement asset (which can include giving property: see section 103-5); or
(ii) for a replacement asset, part of which is treated as a separate asset under subsection (4)--such part of any amount you paid to get the asset (which can include giving property: see section 103-5) as is reasonably attributable to the part of the asset that you are not taken to have acquired before 20 September 1985.
(6) The formula is:
Note: If an original asset is an old licence that ceases to have effect only partly, subsection (8) modifies this formula.
(7) The first element of each replacement asset's * reduced cost base is worked out similarly.
(8) If, in a situation covered by section 124-880, an old licence mentioned in that section ceases to have effect only partly, then:
(a) a reference in Subdivision 124-A to the original asset's * cost base; and
(b) the reference in subsection (6) of this section to the total of the * cost bases of the original assets;
is taken to be a reference to such part of the cost base of the old licence as is reasonably attributable to the part of the old licence that ceases to have effect.