Income Tax (Transitional Provisions) Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-D - Balancing adjustments  

SECTION 40-365  

40-365   Involuntary disposals  

Section 40-365 of the new Act applies to a case where:

(a) a balancing adjustment event occurred for plant in the circumstances mentioned in subsection 42-293(2) of the former Act before 1 July 2001; and

(b) you start to hold a replacement asset or assets after that day; and

(c) the conditions in subsections 40-365(3) and (4) of the new Act are satisfied.