Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1997
1 Subsection 40 - 340(3) (note 2)
Repeal the note, substitute:
Note 2: Subdivision 328 - D sets out what the relief is for STS taxpayers.
2 Paragraph 40 - 340(4)(b)
After "this Division", insert "or Subdivision 328 - D".
3 Subsection 328 - 175(3) (note)
Repeal the note, substitute:
Note: A choice made by a transferor under this subsection for an asset applies also to the transferee if roll - over relief under subsection 40 - 340(3) is chosen: see section 328 - 245.
4 Subsection 328 - 190(4) (note)
Repeal the note, substitute:
Note: The amounts that a transferor and transferee can deduct under this section are modified if roll - over relief under subsection 40 - 340(3) is chosen: see section 328 - 247.
5 Section 328 - 200 (note)
Repeal the note, substitute:
Note: A transferor does not subtract anything for certain balancing adjustment events under paragraph (a) of step 2 if roll - over relief under subsection 40 - 340(3) is chosen: see section 328 - 245.
6 Subsection 328 - 205(1) (note 3)
Repeal the note, substitute:
Note 3: This subsection does not apply to a transferee for certain assets if roll - over relief under subsection 40 - 340(3) is chosen: see section 328 - 257.
7 At the end of section 328 - 220
Add:
(3) This section applies to a transferee referred to in subsection 328 - 243(1) who is not an * STS taxpayer for the income year in which the relevant * balancing adjustment events occurred as if the transferee had been an STS taxpayer and stopped being one for that year. This rule applies even if roll - over relief is not chosen.
8 Subsection 328 - 225(1) (note)
Repeal the note, substitute:
Note: This section is modified in its application to a transferee for certain assets if roll - over relief under subsection 40 - 340(3) is chosen: see section 328 - 257.
9 Section 328 - 240
Repeal the section.
10 Section 328 - 243 (heading)
Repeal the heading, substitute:
11 Subsection 328 - 243(1)
Repeal the subsection, substitute:
(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.
12 Subsection 328 - 247(1)
Omit "BAE year" (first occurring), substitute "income year (the BAE year ) in which the * balancing adjustment events occurred".
13 Paragraph 328 - 247(1)(b)
Repeal the paragraph, substitute:
(b) if there are 2 or more occurrences of balancing adjustment events for relevant entities for the BAE year and a roll - over is chosen for each occurrence--the entities concerned.
14 Paragraph 328 - 250(2)(b)
Repeal the paragraph, substitute:
(b) if there are 2 or more occurrences of * balancing adjustment events for relevant entities for the BAE year and a roll - over is chosen for each occurrence--the entities concerned.
15 Subparagraph 328 - 250(3)(b)(ii)
Repeal the subparagraph, substitute:
(ii) if there are 2 or more occurrences of * balancing adjustment events for relevant entities for the BAE year and a roll - over is chosen for each occurrence--split equally between the entities concerned (except ones that did not use the asset or have it installed ready for use).
16 Paragraph 328 - 253(2)(b)
Repeal the paragraph, substitute:
(b) if there are 2 or more occurrences of * balancing adjustment events for relevant entities for the BAE year and a roll - over is chosen for each occurrence--the entities concerned.
17 Paragraph 328 - 253(3)(b)
Omit "328 - 180(1) or 328 - 190(2)", substitute "328 - 180(2) or 328 - 190(3)".
18 Subparagraph 328 - 253(3)(b)(ii)
Repeal the subparagraph, substitute:
(ii) if there are 2 or more occurrences of * balancing adjustment events for relevant entities for the BAE year and a roll - over is chosen for each occurrence--split equally between the entities concerned.
19 Paragraph 328 - 255(2)(b)
Repeal the paragraph, substitute:
(b) if there are 2 or more occurrences of * balancing adjustment events for relevant entities for the BAE year and a roll - over is chosen for each occurrence--the entities concerned.
20 Application
The amendments made by this Schedule apply to assessments for the income year following the income year in which this Act receives the Royal Assent and later income years.