Income Tax Assessment Act 1936
View history note
Hide history noteDiv 10B repealed by No 164 of 2007, s 3 and Sch 10 item 41, effective 1 July 2010.
Div 10B inserted by No 101 of 1956.
(Repealed by No 164 of 2007)
S 124W repealed by No 164 of 2007, s 3 and Sch 10 item 41, effective 1 July 2010. S 124W formerly read:
a change has occurred in the ownership of, or in the interests of persons in, a unit of industrial property and the person, or one or more of the persons, who owned the unit before the change has or have an interest in the unit after the change, then, subject to subsection
124S(2)
but notwithstanding any other provision of this Division, the succeeding provisions of this section have effect. S 124W(1) amended by No 108 of 1981. S 124W(2) amended by No 35 of 1992. S 124W(3), (4), (5) and (6) substituted for s 124W(3), (4) and (5) by No 35 of 1992. S 124W(3), (4), (5) and (6) substituted for s 124W(3), (4) and (5) by No 35 of 1992. S 124W(3), (4), (5) and (6) substituted for s 124W(3), (4) and (5) by No 35 of 1992. S 124W(3), (4), (5) and (6) substituted for s 124W(3), (4) and (5) by No 35 of 1992.
SECTION 124W DISPOSAL OF UNIT OF INDUSTRIAL PROPERTY ON CHANGE OF PARTNERSHIP ETC.
124W(1)
Where, for any reason, including:
(a)
the formation or dissolution of a partnership; or
(b)
a variation in the constitution of a partnership or in the interests of the partners,
124W(2)
The provisions of this Division apply as if the person or persons who owned the unit before the change (in this section called the
transferor
) had, on the day on which the change occurred, disposed of the unit in whole to the person, or all the persons, by whom the unit is owned after the change (in this section called the
transferee
).
124W(3)
Unless a joint election for roll-over relief has been made by both the transferor and the transferee, this Division applies as if the consideration for the disposal were equal to the market value of the unit immediately before the change.
124W(4)
If a joint election for roll-over relief has been made by both the transferor and the transferee, section
124PA
applies to the disposal.
124W(5)
A joint election for roll-over relief has no effect unless it:
(a)
is in writing; and
(b)
is made:
(i)
within 6 months after the later of the following:
(A)
the end of the year of income of the transferee in which the disposal occurred;
(B)
the commencement of this subsection; or
(ii)
within such further period as the Commissioner allows; and
(c)
contains such information about the transferor's holding of the unit as will enable the transferee to work out how section
124PA
will apply to the transferee's holding of the unit.
124W(6)
If a person dies before the end of the period allowed for making a joint election for roll-over relief, the trustee of the deceased person's estate may be a party to the election on the deceased person's behalf.
S 124W substituted by No 172 of 1978.