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 328-243   Roll-over relief  

328-243(1A)  


There is roll-over relief under subsection 40-340(1) (as affected by subsection 40-340(2) ) if:


(a) *balancing adjustment events occur for *depreciating assets on a day (the BAE day ) because an entity (the transferor ) disposes of the assets in an income year to another entity (the transferee ); and


(b) the disposal involves a *CGT event; and


(c) the conditions in item 1, 2, 3 or 8 of the table in subsection 40-340(1) are satisfied; and


(d) deductions for the assets are calculated under this Subdivision; and


(e) the transferor and the transferee jointly choose the roll-over relief; and


(f) the condition in subsection (2) is met.

328-243(1)  


Roll-over relief can be chosen under subsection 40-340(3) if:


(a) *balancing adjustment events occur for *depreciating assets on a day (the BAE day ) because of subsection 40-295(2) ; and


(b) deductions for the assets are calculated under this Subdivision; and


(c) the entity or entities that had an interest in the assets just before the balancing adjustment events occurred (the transferor ) and the entity or entities that have an interest in the assets just after the events occurred (the transferee ) jointly choose the roll-over relief; and


(d) the condition in subsection (2) is met.

328-243(2)  
All of the *depreciating assets that, just before the *balancing adjustment events occurred, were:


(a) *held by the transferor; and


(b) allocated to the transferor ' s *general small business pool;

must be held by the transferee just after those events occurred.


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