Tax Laws Amendment (Small Business Restructure Roll-over) Act 2016 (18 of 2016)

Schedule 1   Small business restructure roll-overs

Part 2   Other amendments

Income Tax Assessment Act 1997

4   At the end of section 152-115

Add:

Restructures of small businesses

(3) If section 328-450 or 328-455 applies in relation to the transfer of an asset to you, then paragraphs 152-105(b) and (c) and 152-110(1)(b) and (c) (the 15-year and significant individual rules) apply as if:

(a) you had acquired the asset when the entity transferring the asset acquired it; or

(b) in a case where, for the purposes of applying those paragraphs, the time when that entity acquired the asset was provided for by this subsection - you had acquired the asset at that time.