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-D - Capital allowances for small business entities  

Special rules about roll-overs

SECTION 328-255   Closing pool balance etc. below zero  

328-255(1)    
This section applies if:

(a) the ^* closing pool balance of the transferor ' s ^* general small business pool for the BAE year is less than zero; or

(b) the amount worked out under subsection 328-210(2) for the pool for the BAE year is less than zero;

because a ^* balancing adjustment event occurred for an asset allocated to that pool during that year.

328-255(2)    
The amount included in assessable income under subsection 328-215(2) is split equally between:

(a) the transferor and transferee; or

(b) if there are 2 or more occurrences of ^* balancing adjustment events for relevant entities for the BAE year and a roll-over is chosen for each occurrence - the entities concerned.