Tax Law Improvement Act 1997 (121 of 1997)

Schedule 6   Depreciation

Part 2   Consequential amendment of the Income Tax Assessment Act 1997

26   Section 41-35

Repeal the section, substitute:

41-35 Subsequent applications of this Common rule - relief available even if subsequent transferor got no deduction

If this Common rule has applied to a *roll-over event, then, in working out whether it applies to a later event that occurs for the same property, this Common rule has effect as if paragraph 41-20(1)(a) (which deals with deductions) were omitted unless there has been an intervening disposal or *balancing adjustment event to which this Common rule did not apply.