Tax Law Improvement Act 1997 (121 of 1997)

Schedule 6   Depreciation

Part 2   Consequential amendment of the Income Tax Assessment Act 1997

16   Section 41-15

Repeal the section, substitute:

41-15 When does this Common rule apply?

This Common rule applies if an entity (the transferor ) disposes of property to another entity (the transferee ):

(a) in the circumstances set out in section 41-20; and

(b) during an income year for which rules for a *capital allowance apply that apply this Common rule.

The disposal is called the roll-over event .

Note: This Common rule also applies as mentioned in section 41-23.