Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT 1992No. 35, 1992 - SECT 41

41. Section 124AO of the Principal Act is amended:

   (a)  by omitting from subsection (1) "Subject to this section, where" and
        substituting "If";
(b) by omitting from subsection (1) all the words after "property before the
change" (second occurring) and substituting "(in this section called the
'transferor') had, on the day on which the change occurred, disposed of the
whole of the property to the person, or all the persons, by whom the property
is owned after the change (in this section called the 'transferee')";

   (c)  by omitting subsection (2) and substituting the following subsections:

"(2) Unless a joint election for roll-over relief is made by both the
transferor and the transferee, this Division applies as if the consideration
for the disposal were equal to the market value of the property immediately
before the time when the change occurred.

"(2A) If a joint election for roll-over relief is made by both the transferor
and the transferee, section 124AMAA applies to the disposal.

"(2B) A joint election for roll-over relief has no effect unless it:

   (a)  is in writing; and

   (b)  is made:

        (i)    within 6 months after the later of the following:

                (A)  the end of the year of income of the transferee in which
                     the disposal occurred;

                (B)  the commencement of this subsection; or

        (ii)   within such further period as the Commissioner allows; and

   (c)  contains such information about the transferor's holding of the
        property as will enable the transferee to work out how section 124AMAA
        will apply to the transferee's holding of the property.

"(2C) If a person dies before the end of the period allowed for making a joint
election for roll-over relief, the trustee of the deceased person's estate may
be a party to the election on the deceased person's behalf.".