Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.350

  (1)   For the purposes of Division   45:

  (a)   if the transferor, or a partnership of which the transferor was a member, leased the * depreciating asset to another entity for most of the time that the transferor or partnership * held the asset, the transferee is taken also to have done so; and

  (b)   if the transferor, or a partnership of which the transferor was a member, leased the asset to another entity for a period on or after 22   February 1999, the transferee is taken also to have done so; and

  (c)   if the main * business of the transferor, or a partnership of which the transferor was a member, was to lease assets, the main business of the transferee is taken also to have been to lease assets.

  (2)   However, subsection   (1) does not apply to roll - over relief under subsection   40 - 340(3) if the sum of the amounts specified in paragraph   45 - 5(1)(e) or 45 - 10(1)(f), or subsection   45 - 5(4) or 45 - 10(4), is at least equal to the * market value of the * plant or interest concerned.