Income Tax Assessment Act 1997
View history note
Hide history noteNote: A Commissioner ' s Remedial Power (CRP 2017/2) is relevant to this part of the tax law. Taxation Administration (Remedial Power - Small Business Restructure Roll-over) Determination 2017 (F2017L01687) modifies the operation of s 40-340 of the Income Tax Assessment Act 1997 and any other provisions of a taxation law whose operation is affected by the modified operation of s 40-340 in relation to an asset transferred under a small business restructure roll-over (item 8 of the table in s 40-340(1) ).
The operation of the relevant provisions is modified as follows:
If s 40-340 of ITAA 1997 provides for rollover relief in relation to a disposal of a depreciating asset because the condition in item 8 of the table in s 40-340(1) of ITAA 1997 is satisfied in relation to the asset, that section has effect as if it also provided that the disposal of the asset has no direct consequences under the income tax law (other than Div 40 of ITAA 1997).
The modification applies in respect of transfers on or after 8 May 2018.
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s 370-5 of Sch 1 to the Taxation Administration Act 1953 to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
SECTION 40-45 Assets to which this Division does not apply
Eligible work related items
40-45(1)
This Division does not apply to an asset that is an eligible work related item for the purposes of section 58X of the Fringe Benefits Tax Assessment Act 1986 where the relevant benefit provided by the employer is an expense payment benefit or a property benefit (within the meaning of that Act).
Capital works
40-45(2)
This Division does not apply to capital works for which you can deduct amounts under Division 43 , or for which you could deduct amounts under that Division:
(a) but for expenditure being incurred, or capital works being started, before a particular day; or
(b) had you used the capital works for a purpose relevant to those capital works under section 43-140 .
Note:
Section 43-20 lists the capital works to which that Division applies.
40-45(3)
(Repealed by No 78 of 2005)
40-45(4)
(Repealed by No 78 of 2005)
Films
40-45(5)
This Division does not apply to a * depreciating asset if you or another taxpayer has deducted or can deduct amounts for it under:
(a) former Division 10BA of Part III of the Income Tax Assessment Act 1936 (about Australian films); or
(b) former Division 10B of Part III of that Act if the depreciating asset relates to a copyright in an Australian film within the meaning of that Division.
40-45(6)
This Division applies to a *depreciating asset that is copyright in a *film where a company is entitled to a *tax offset under section 376-55 in respect of the film as if the asset ' s *cost were reduced by the amount of that offset.
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