INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 19A - Transfers of assets between companies under common ownership  

Subdivision B - Application of Division  

SECTION 160ZZRD   TRANSFERS OF ASSETS BETWEEN COMPANIES UNDER COMMON OWNERSHIP  

160ZZRD(1)   [Application of Division]  

Subject to this section, this Division applies where:

(a) at a particular time (in this Division called the ``first asset disposal time'' ), a company (in this Division called the ``transferor'' ) disposes of an asset (in this Division called the ``first asset'' ) to another company (in this Division called the ``transferee'' ); and

(b) at the first asset disposal time , the transferor and the transferee are under common ownership; and

(c) the transferee is not a subsidiary of the transferor .

160ZZRD(2)    

160ZZRD(3)   [Disposal on winding-up of company]  

This Division does not apply if:

(a) the disposal is a distribution to shareholders of a company by a liquidator in the course of winding-up the company; and

(b) the company is dissolved within 3 years after the winding-up commenced, or within such further time as the Commissioner considers appropriate for the purposes of the application of this subsection in relation to the company.