INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteGrouping provides taxpayers with a simplified method of applying this Division to 2 or more assets that are transferred from the transferor to the transferee. It may also reduce the cases in which adjustments have to be made to cost bases of shares or loans under this Division and may reduce the amount of those adjustments.
160ZZRDE(2) The 3 kinds of groups.(a) a depreciable property group (see section 160ZZRDF ); and
(b) a pre-common ownership group (see section 160ZZRDG ); and
(c) a post-common ownership group (see section 160ZZRDH ).
The groups are mutually exclusive. An asset that could be included in the depreciable property group can not be included in either of the other groups.
160ZZRDE(3) [Election by transferor]The transferor may elect to allocate assets to which this Division applies that are transferred to a transferee to groups of assets. All of the assets in a group must be disposed of to the same transferee in the same year of income of the transferor.
160ZZRDE(4) [Form and manner of elections]An election under subsection (3) must be made in writing on or before the lodgment of the transferor's return for the year of income in which the relevant disposals occurred. The Commissioner may allow the election to be made at a later time.
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