Taxation Laws Amendment Act (No. 5) 2002 (119 of 2002)
Schedule 3 Capital allowances
Income Tax Assessment Act 1997
25 Subsection 40-180(2) (table items 5 and 6)
Repeal the items, substitute:
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5 |
A partnership asset that was *held, just before it became a partnership asset, by one or more partners (whether or not any other entity was a joint holder) or a partnership asset to which subsection 40-295(2) applies |
The *market value of the asset when the partnership started to hold it or when the change referred to in subsection 40-295(2) occurred |
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6 |
There is roll-over relief under section 40-340 for a *balancing adjustment event happening to a *depreciating asset |
The *adjustable value of the asset to the transferor just before the balancing adjustment event occurred |