Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

Subdivision 328-D - Capital allowances for small business entities  

Special rules about roll-overs

SECTION 328-255   Closing pool balance etc. below zero  

328-255(1)  
This section applies if:


(a) the * closing pool balance of the transferor ' s * general small business pool for the BAE year is less than zero; or


(b) the amount worked out under subsection 328-210(2) for the pool for the BAE year is less than zero;

because a * balancing adjustment event occurred for an asset allocated to that pool during that year.

328-255(2)  
The amount included in assessable income under subsection 328-215(2) is split equally between:


(a) the transferor and transferee; or


(b) if there are 2 or more occurrences of * balancing adjustment events for relevant entities for the BAE year and a roll-over is chosen for each occurrence - the entities concerned.


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