Tax Law Improvement Act 1997 (121 of 1997)

Schedule 6   Depreciation

Part 2   Consequential amendment of the Income Tax Assessment Act 1997

41   After section 330-550

Insert:

330-552 Modification of sections 41-40, 41-50 and 41-55

If the transferee becomes required to make a balancing adjustment otherwise than because the property is disposed of, lost or destroyed, then:

(a) section 41-40 (about a balancing adjustment on a subsequent disposal); and

(b) subsection 41-50(4) (about the transferee’s obligation to keep a notice from the transferor about the property); and

(c) subsection 41-55(5) (about the transferee’s obligation to keep an election made jointly with the transferor);

apply in the same way as if the property had been lost at that time.