Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)

Schedule 7   Roll-over relief

Income Tax Assessment Act 1997

1   Before subsection 328-243(1)

Insert:

(1A) There is roll-over relief under subsection 40-340(1) (as affected by subsection 40-340(2)) if:

(a) *balancing adjustment events occur for *depreciating assets on a day (the BAE day ) because an entity (the transferor ) disposes of the assets in an income year to another entity (the transferee ); and

(b) the disposal involves a *CGT event; and

(c) the conditions in item 1, 2 or 3 of the table in subsection 40-340(1) are satisfied; and

(d) deductions for the assets are calculated under this Subdivision; and

(e) the transferor and the transferee jointly choose the roll-over relief; and

(f) the condition in subsection (2) is met.