Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.167

  (1)   For the purposes of subsections   40 - 160(2) and 40 - 170(1A), an exclusion applies to you and an asset for an income year if any of the exclusions in this section applies in relation to the asset.

Exclusion--intangible assets

  (2)   This exclusion applies in relation to the asset if the asset is an intangible asset.

Exclusion--assets previously held by associates

  (3)   This exclusion applies in relation to the asset if it had been previously held by an associate of yours.

Exclusion--assets available for use by associates or foreign residents

  (4)   This exclusion applies in relation to the asset if the asset is available for use, at any time in the income year, by any of the following:

  (a)   an associate of yours;

  (b)   an entity that is a foreign resident.