Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.475

    If:

  (a)   section   328 - 455 applies in relation to the transfer of an asset (the transferred asset ) of the transferor's business to one or more transferees; and

  (b)   the transferor has previously chosen a small business roll - over under Subdivision   152 - E for a * CGT event that happened in relation to a * CGT asset for which the transferred asset is a replacement asset (within the meaning of sections   104 - 185, 104 - 190, 104 - 197 and 104 - 198);

sections   104 - 185, 104 - 190, 104 - 197 and 104 - 198 apply to each transferee (to the extent of the transferee's interest in the asset) as if the transferee, and not the transferor, made that choice.

Note:   Sections   104 - 185, 104 - 190, 104 - 197 and 104 - 198 provide for capital gains to arise under CGT events J2, J5 and J6, after the choice of a small business roll - over under Subdivision   152 - E has deferred the making of a capital gain.

Table of Subdivisions

  Guide to Division   355

355 - A   Object

355 - B   Meaning of R&D activities and other terms

355 - C   Entitlement to tax offset

355 - D   Notional deductions for R&D expenditure

355 - E   Notional deductions etc. for decline in value of depreciating assets used for R&D activities

355 - F   Integrity Rules

355 - G   Clawback of R&D recoupments, feedstock adjustments and balancing adjustments

355 - H   Catch up deductions for balancing adjustment events for assets used for R&D activities

355 - I   Application to earlier income year R&D expenditure incurred to associates

355 - J   Application to R&D partnerships

355 - K   Application to Cooperative Research Centres

355 - W   Other matters