INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 41 - Common rules for capital allowances  

Subdivision 41-A - Common rule 1 (Roll-over relief for related entities  

SECTION 41-40 (ARCHIVE)  

41-40   Application of section 41-40 to disposals between February 1999 and September 1999  
In applying Division 45 of the Income Tax Assessment Act 1997 to disposals of plant or interests in plant on or after 22 February 1999 and before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999, section 41-40 of that Act applies as if this provision were added at the end of subsection 41-40(4):

and


(d) if the transferor was a member of a partnership that has deducted or could deduct an amount for depreciation of the property, the amount representing the extent to which the deductions have been or would be reflected in the transferor's interest in the partnership net income or partnership loss is taken to be an amount deducted by the transferee for depreciation of the property.

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