Income Tax (Transitional Provisions) Act 1997
For the purposes of subsections 40-160(2) and 40-170(1A) , an exclusion applies to you and an asset for an income year if any of the exclusions in this section applies in relation to the asset. Exclusion - intangible assets 40-167(2)
This exclusion applies in relation to the asset if the asset is an intangible asset. Exclusion - assets previously held by associates 40-167(3)
This exclusion applies in relation to the asset if it had been previously held by an associate of yours. Exclusion - assets available for use by associates or foreign residents 40-167(4)
This exclusion applies in relation to the asset if the asset is available for use, at any time in the income year, by any of the following: (a) an associate of yours; (b) an entity that is a foreign resident.
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