INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 17A - Roll-over relief for certain disposals of assets related to small businesses  

Subdivision B - How roll-over relief is available on the disposal of an asset  

SECTION 160ZZPY   ROLL-OVER OF REPLACEMENT ASSET UNDER ANOTHER PROVISION OF PART IIIA OTHER THAN SECTION 160X  

160ZZPY(1)   Application of section.  

This section applies if:

(a) a replacement asset is disposed of; and

(b) this Part does not apply to the disposal because of a provision of this Part (other than this Division and section 160X).

160ZZPY(2)   Capital gain accrues when asset disposed of.  

An amount (the adjustment amount ) equal to the amount that was apportioned to the asset by the taxpayer under section 160ZZPU , 160ZZPV or 160ZZPW, as the case may be, is taken to be a capital gain that accrued to the taxpayer in the year of income in which the disposal of the replacement asset occurs.

160ZZPY(3)   Consideration to be increased.  

If the replacement asset is not a depreciable asset, the amount that, at the time of the acquisition of the asset, was the consideration in respect of the acquisition of the asset is taken, for the purposes of the application of this Part in relation to the person who acquired the asset, to be increased, from the time of the acquisition, by the adjustment amount.