Income Tax Assessment Act 1997
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.
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.
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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