Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.243

  (1A)   There is roll - over relief under subsection   40 - 340(1) (as affected by subsection   40 - 340(2)) if:

  (a)   * balancing adjustment events occur for * depreciating assets on a day (the BAE day ) because an entity (the transferor ) disposes of the assets in an income year to another entity (the transferee ); and

  (b)   the disposal involves a * CGT event; and

  (c)   the conditions in item   1, 2, 3 or 8 of the table in subsection   40 - 340(1) are satisfied; and

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

  (e)   the transferor and the transferee jointly choose the roll - over relief; and

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

  (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.

  (2)   All of the * depreciating assets that, just before the * balancing adjustment events occurred, were:

  (a)   * held by the transferor; and

  (b)   allocated to the transferor's * general small business pool;

must be held by the transferee just after those events occurred.