Income Tax Assessment Act 1997
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.
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.
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