Tax Law Improvement Act 1997 (121 of 1997)
Schedule 6 Depreciation
Part 2 Consequential amendment of the Income Tax Assessment Act 1997
20 After section 41-20
Insert:
41-23 Additional roll-over events for some capital allowances
(1) Roll-over relief under this Common rule is also available as shown in the table.
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Additional roll-over events |
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For this capital allowance: |
Roll-over relief is also available if: |
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1.1 |
Depreciation |
the transferor and transferee jointly elect for it |
Subsection 42-335(3) |
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2.1 |
Mining and quarrying: exploration or prospecting |
the transferor and transferee jointly elect for it |
Subsection 330-520(4) |
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2.2 |
Mining and quarrying: exploration or prospecting |
there is a disposal covered by subsection 330-547(1) |
Subsection 330-547(1) |
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3.1 |
Mining and quarrying: development and operation of a mine or quarry |
the transferor and transferee jointly elect for it |
Subsection 330-520(4) |
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3.2 |
Mining and quarrying: development and operation of a mine or quarry |
there is a disposal covered by subsection 330-547(1) |
Subsection 330-547(1) |
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4.1 |
Mining and quarrying: transporting minerals or quarry materials |
the transferor and transferee jointly elect for it |
Subsection 330-520(4) |
Note: If the transferor and the transferee make a joint election, it must include certain information and be kept by the transferor and transferee: see section 41-55.
(2) The entities referred to as the transferor and transferee in a provision listed in the table are also referred to in this Common rule as the transferor and the transferee .
(3) The event referred to in the table is called the roll-over event (except in the case of a joint election).
(4) In the case of a joint election, the event that gave rise to the right to make the election is called the roll-over event .