Tax Law Improvement Act 1997 (121 of 1997)

Schedule 6   Depreciation

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

123   After subsection 262A(4AB)

Insert:

(4ACA) Subsection (4AC) does not apply in relation to a disposal of property:

(a) to which subsection 58(1), 122JAA(1), 122JG(1), 123BBA(1), 123BF(1), 124AMAA(1), 124GA(1) or 124JD(1) applies; and

(b) that occurs in the 1997-98 year of income or a later year of income.

Note: Subdivision 41-A of the Income Tax Assessment Act 1997 (which sets out Common rule 1) requires notices relating to such disposals to be given and kept.