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 to * depreciating assets (the previously held assets ) that were * held by the transferor just before the * balancing adjustment events occurred. 328-257(2)
Subsection 328-205(1) (about estimates of taxable use) does not apply to previously held assets in the hands of the transferee for the BAE year. Instead, the transferee uses for the BAE year:
(a) the estimate made by the transferor under that subsection for the asset; or
(b) if the transferor had made one or more estimates for the asset under subsection 328-255(1) that resulted in an adjustment under section 328-225 (about change in business use) - that estimate or the most recent of those estimates. 328-257(3)
Section 328-225 applies to the transferee for each previously held asset for income years after the BAE year as if:
(a) the transferee had * held the asset during the period that the transferor held it; and
(b) estimates applicable to the transferor for the asset under that section were also applicable to the transferee.
S 328-257 inserted by No 20 of 2004.
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