Income Tax Assessment Act 1936
View history note
Hide history noteDiv 3 heading inserted by No 172 of 1978.
(Repealed by No 93 of 2011)
S 73G repealed by No 93 of 2011, s 3 and Sch 3 item 44, effective 8 September 2011. For application, savings and transitional provisions see note under s
82KZLB
. S 73G formerly read:
This section applies to the disposal of an item of intellectual property (as defined by subsection
995-1(1)
of the
Income Tax Assessment Act 1997
) by an eligible company (the
transferor
) to another eligible company (the
transferee
) if:
S 73G(1) amended by No 117 of 2002, No 77 of 2001 and No 46 of 1998.
SECTION 73G SECTION 73B ROLL-OVER RELIEF ON DISPOSAL OF ITEM OF INTELLECTUAL PROPERTY TO ANOTHER MEMBER OF SAME WHOLLY-OWNED GROUP
73G(1)
Roll-over relief where CGT roll-over relief allowed.
(a)
the disposal involves a CGT event for which there is a roll-over under Subdivision
126-B
of the
Income Tax Assessment Act 1997
, as in force before the amendments made to that Subdivision by the
New Business Tax System (Consolidation) Act (No. 1) 2002
; and
(b)
subject to subsection (5), apart from this section, an amount would be included in the transferor's assessable income under subsection
73B(27A)
in respect of the disposal.
73G(2) Transferor not assessable under subsection 73B(27A) on disposal.
Subsection 73B(27A) does not apply in respect of the disposal of the item by the transferor.
S 73G(2) amended by No 46 of 1998.
73G(3) No deduction for transferee's acquisition expenditure.
No part of the expenditure (if any) incurred by the transferee in the acquisition of the item is an allowable deduction to the transferee under any provision of this Act.
S 73G(3) amended by No 46 of 1998.
73G(4) Disposal by transferee where no roll-over relief - proceeds of disposal assessable to transferee.
If:
(a) after the disposal of the item to the transferee, the transferee disposes of the item; and
(b) this section does not apply to the disposal by the transferee;
the transferee's assessable income of the year of income in which the disposal by the transferee took place includes the consideration receivable in respect of the disposal.
S 73G(4)(a) amended by No 46 of 1998.
73G(5) Subsequent application of section - paragraph (1)(b) does not apply.
If, apart from this subsection, this section has applied to the disposal of the item to the transferee, then, in working out whether this section applies to a subsequent disposal of the item by:
(a) the transferee; or
(b) one or more subsequent successive transferees;
this section has effect as if paragraph (1)(b) (which deals with assessability under subsection 73B(27A) ) had not been enacted.
S 73G(5) amended by No 46 of 1998.
73G(6) Interpretation.
For the purposes of interpretation, this section is to be construed as if it were part of section 73B .
S 73G inserted by No 224 of 1992.