Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Except as provided by this Subdivision, a transfer of an asset has no direct consequences under the * income tax law if:
(a) the transfer occurs under a transaction in relation to which section 328 - 430 applies; and
(b) a roll - over under this Subdivision is available under that section in relation to the asset.
Example: If the transfer were a transfer of the asset from a company to a shareholder, it would not be treated as a payment of a dividend under Division 7A of Part III of the Income Tax Assessment Act 1936 .
(2) To avoid doubt, this section does not affect the application of the * income tax law in relation to:
(a) anything that happens in relation to the asset that does not directly relate to the transfer; or
(b) the ownership of the asset at any time.