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-G - Restructures of small businesses  

Consequences of a roll-over under this Subdivision

SECTION 328-450   Small business transfers not to affect income tax positions  

328-450(1)  
Except as provided by this Subdivision, a transfer of an asset has no direct consequences under the *income tax law if:


(a) the transfer occurs under a transaction in relation to which section 328-430 applies; and


(b) a roll-over under this Subdivision is available under that section in relation to the asset.

Example:

If the transfer were a transfer of the asset from a company to a shareholder, it would not be treated as a payment of a dividend under Division 7A of Part III of the Income Tax Assessment Act 1936 .

328-450(2)  
To avoid doubt, this section does not affect the application of the *income tax law in relation to:


(a) anything that happens in relation to the asset that does not directly relate to the transfer; or


(b) the ownership of the asset at any time.


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