INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(i) in a case where the transferor is not a partnership - section 160ZZM , 160ZZMA, 160ZZN or 160ZZO applies to the disposal of the property by the transferor; or
(ii) if the transferor is a partnership - the property is partnership property of the partnership and section 160ZZNA applies to the corresponding disposal, by all of the partners in the partnership, of their interests in the property; and
(b) subject to subsection (5), deductions have been allowed or are allowable under section 124F to the transferor in respect of the property.
Section 124G (which deals with balancing charges and deductions) does not apply to the disposal of the property by the transferor.124GA(3) Transferee to inherit certain characteristics from transferor.
(a) the transferee had acquired the property for a consideration equal to the residual capital expenditure immediately before the disposal; and
(b) section 124H had not been enacted. 124GA(4) Disposal by transferee where no roll-over relief - inheritance of deductions.
(a) after the disposal of the property to the transferee:
(i) the property is destroyed; or
(ii) the transferee disposes of the property; or
(iii) the use by the transferee of the property for the purpose for which the access road was primarily and principally constructed is otherwise terminated; and
(b) in the case of a disposal by the transferee - this section does not apply to the disposal;
then, for the purposes of the application of section 124G in relation to the destruction, disposal or termination, the total of:
(c) the deductions allowed or allowable to the transferor under section 124F in relation to the property; and
(d) if there have been 2 or more prior successive applications of this section - the deductions allowed or allowable to the prior successive transferors under section 124F in relation to the property;
are taken to have been deductions allowed or allowable to the transferee under section 124F in relation to the property.124GA(5) Second or subsequent application of section - paragraph (1)(b) does not apply.
If, apart from this subsection, this section has applied to the disposal of the property to the transferee, then, in working out whether this section applies to a subsequent disposal of the property by:
(a) the transferee; or
(b) one or more subsequent successive transferees;
this section has effect as if paragraph (1)(b) (which deals with deductions) had not been enacted.
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