Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

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History

Div 328 (heading) substituted by No 80 of 2007 , s 3 and Sch 3 item 1, applicable in relation to the 2007-08 income year and later income years. The heading formerly read:

Division 328 - STS taxpayers

Div 328 inserted by No 78 of 2001.

Subdivision 328-D - Capital allowances for small business entities  

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History

Subdiv 328-D (heading) substituted by No 80 of 2007 , s 3 and Sch 3 item 3, applicable in relation to the 2007-08 income year and later income years. The heading formerly read:

Subdivision 328-D - Capital allowances for STS taxpayers

Subdiv 328-D inserted by No 78 of 2001.

Special rules about roll-overs

SECTION 328-245   Consequences of roll-over  

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328-245(1)    
The transferor does not subtract anything for the ^* balancing adjustment events under:

(a) paragraph (a) of step 2 in the method statement in section 328-200 ; or

(b) subsection 328-210(2) .

328-245(2)    
Subsection 328-215(4) does not apply to the ^* balancing adjustment events for the transferor.

328-245(3)    
A choice made by the transferor for a ^* depreciating asset under subsection 328-175(3) (about primary production assets) applies to the transferee as if it had been made by the transferee.

328-245(4)    
Sections 328-247 to 328-257 have effect.

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History

S 328-245 inserted by No 20 of 2004.

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