Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to * depreciating assets (the previously held assets ) that were * held by the transferor just before the * balancing adjustment events occurred.
(2) Subsection 328 - 205(1) (about estimates of taxable use) does not apply to previously held assets in the hands of the transferee for the BAE year. Instead, the transferee uses for the BAE year:
(a) the estimate made by the transferor under that subsection for the asset; or
(b) if the transferor had made one or more estimates for the asset under subsection 328 - 225(1) that resulted in an adjustment under section 328 - 225 (about change in business use)--that estimate or the most recent of those estimates.
(3) Section 328 - 225 applies to the transferee for each previously held asset for income years after the BAE year as if:
(a) the transferee had * held the asset during the period that the transferor held it; and
(b) estimates applicable to the transferor for the asset under that section were also applicable to the transferee.