Income Tax Assessment Act 1997

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Div 311 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019.

Div 311 inserted by No 89 of 2013, s 3 and Sch 1 item 1, applicable to income years that include 1 July 2013, and to later income years.

Subdiv 311-D repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019.

Subdiv 311-D inserted by No 89 of 2013, s 3 and Sch 1 item 1, applicable to income years that include 1 July 2013, and to later income years. See the note under Div 311 heading.

S 311-50 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019. S 311-50 formerly read:

SECTION 311-50 Revenue assets  
311-50(1A)
This section applies if a roll-over is chosen under Subdivision 311-B.

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History

S 311-50(1A) inserted by No 94 of 2017, s 3 and Sch 2 item 17, effective 1 October 2017 and applicable in relation to the attribution or transfer of accrued default amounts on or after 29 June 2015.

Consequences for transferring entity

311-50(1)
For each of the original assets that are * revenue assets, the transferring entity ' s gross proceeds for the relevant * CGT event are taken, for the purposes of this Act, to be the amount (the deemed proceeds ) the transferring entity would need to have received in order to have a nil profit and nil loss for the event.

Consequences for receiving entity

311-50(2)
For each of the received assets that are * revenue assets, the receiving entity is taken, for the purposes of this Act, to have incurred an amount for that asset at the time of the * CGT event that is equal to the deemed proceeds for the corresponding original asset.

S 311-50 inserted by No 89 of 2013, s 3 and Sch 1 item 1, applicable to income years that include 1 July 2013, and to later income years. See the note under Div 311 heading.