Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 7   STS roll-over

Income Tax Assessment Act 1997

11   Subsection 328-243(1)

Repeal the subsection, substitute:

(1) Roll-over relief can be chosen under subsection 40-340(3) if:

(a) *balancing adjustment events occur for *depreciating assets on a day (the BAE day ) because of subsection 40-295(2); and

(b) deductions for the assets are calculated under this Subdivision; and

(c) the entity or entities that had an interest in the assets just before the balancing adjustment events occurred (the transferor ) and the entity or entities that have an interest in the assets just after the events occurred (the transferee ) jointly choose the roll-over relief; and

(d) the condition in subsection (2) is met.

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