Tax Law Improvement Act 1997 (121 of 1997)

Schedule 6 Depreciation

Part 2 Consequential amendment of the Income Tax Assessment Act 1997

20 After section 41-20

Insert:

41-23 Additional roll-over events for some capital allowances

(1) Roll-over relief under this Common rule is also available as shown in the table.

Additional roll-over events
Item	For this capital allowance:	Roll-over relief is also available if:	See:
1.1	Depreciation	the transferor and transferee jointly elect for it	Subsection 42-335(3)
2.1	Mining and quarrying: exploration or prospecting	the transferor and transferee jointly elect for it	Subsection 330-520(4)
2.2	Mining and quarrying: exploration or prospecting	there is a disposal covered by subsection 330-547(1)	Subsection 330-547(1)
3.1	Mining and quarrying: development and operation of a mine or quarry	the transferor and transferee jointly elect for it	Subsection 330-520(4)
3.2	Mining and quarrying: development and operation of a mine or quarry	there is a disposal covered by subsection 330-547(1)	Subsection 330-547(1)
4.1	Mining and quarrying: transporting minerals or quarry materials	the transferor and transferee jointly elect for it	Subsection 330-520(4)

Note: If the transferor and the transferee make a joint election, it must include certain information and be kept by the transferor and transferee: see section 41-55.

(2) The entities referred to as the transferor and transferee in a provision listed in the table are also referred to in this Common rule as the transferor and the transferee .

(3) The event referred to in the table is called the roll-over event (except in the case of a joint election).

(4) In the case of a joint election, the event that gave rise to the right to make the election is called the roll-over event .

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