New Business Tax System (Integrity and Other Measures) Act 1999 (Incorporating amendments up to Act No. 78 of 2001) (169 of 1999)

Schedule 1   Disposal of leases and leased plant

Income Tax (Transitional Provisions) Act 1997

15   Before Division 42

Insert:

Division 41 - Common rules for capital allowances

Subdivision 41-A - Common rule 1 (Roll-over relief for related entities)

Table of sections

41-40 Application of section 41-40 to disposals between February 1999 and September 1999

41-40 Application of section 41-40 to disposals between February 1999 and September 1999

In applying Division 45 of the Income Tax Assessment Act 1997 to disposals of plant or interests in plant on or after 22 February 1999 and before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999, section 41-40 of that Act applies as if this provision were added at the end of subsection 41-40(4):

and (d) if the transferor was a member of a partnership that has deducted or could deduct an amount for depreciation of the property, the amount representing the extent to which the deductions have been or would be reflected in the transferor's interest in the partnership net income or partnership loss is taken to be an amount deducted by the transferee for depreciation of the property.