INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 387 - Capital allowances for primary producers and some land-holders  

Subdivision 387-G - Forestry roads and timber mill buildings  

SECTION 387-505 (ARCHIVE)  

387-505   Application of Common rule 1 to disposal of road or building under new law  
If:

(a) you deducted or can deduct amounts for capital expenditure relating to an access road or a timber mill building under Division 10A of Part III of the Income Tax Assessment Act 1936 (except section 124J of that Act) for the 1996-97 income year or an earlier income year; and

(b) in the 1997-98 income year or a later income year you dispose of the road or building;

Subdivision 41-A of the Income Tax Assessment Act 1997 (which sets out Common rule 1 dealing with roll-over relief for related entities) applies as if:

(c) a reference in that Common rule to the rules for the capital allowance included a reference to that Division (except section 124J ); and

(d) that Common rule had applied to any disposal of the road or building during or before the 1996-97 income year for which roll-over relief was available under section 124GA or 124JD of the Income Tax Assessment Act 1936 .

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