INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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 .
(Omitted by No 171 of 1995)
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.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.