Income Tax Assessment Act 1997
Div 328 (heading) substituted by No 80 of 2007 , s 3 and Sch 3 item 1, applicable in relation to the 2007-08 income year and later income years. The heading formerly read:
Division 328 - STS taxpayers
Div 328 inserted by No 78 of 2001.
Subdiv 328-D (heading) substituted by No 80 of 2007 , s 3 and Sch 3 item 3, applicable in relation to the 2007-08 income year and later income years. The heading formerly read:
Subdivision 328-D - Capital allowances for STS taxpayers
Subdiv 328-D inserted by No 78 of 2001.
This section applies if:
(a) the * closing pool balance of the transferor ' s * general small business pool for the BAE year is less than zero; or
(b) the amount worked out under subsection 328-210(2) for the pool for the BAE year is less than zero;
because a * balancing adjustment event occurred for an asset allocated to that pool during that year.
S 328-255(1) amended by No 23 of 2012, s 3 and Sch 2 items 61 - 62, by omitting " or *long life small business pool " after " *general small business pool " in para (a) and substituting " the pool " for " that pool " in para (b), applicable in relation to the 2012-13 income year and later income years.
S 328-255(1) amended by No 80 of 2007 , s 3 and Sch 3 item 70, by substituting " small business " for " STS " (wherever occurring) in para (a), applicable in relation to the 2007-08 income year and later income years.
The amount included in assessable income under subsection 328-215(2) is split equally between:
(a) the transferor and transferee; or
(b) if there are 2 or more occurrences of * balancing adjustment events for relevant entities for the BAE year and a roll-over is chosen for each occurrence - the entities concerned.
S 328-255(2) amended by No 41 of 2005.
S 328-255 inserted by No 20 of 2004.
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