Commonwealth Consolidated Acts Commonwealth Consolidated ActsThis Division is designed to prevent tax being avoided through:
(a) the disposal of leased plant, or an interest in leased plant; or
(b) the disposal of a partnership interest in a partnership that leased plant; or
(c) the disposal of shares in a 100% subsidiary that leased plant;
where amounts have been deducted for the decline in value of the plant.
It includes amounts in assessable income. Any benefit received, and any reduction in a liability, is taken into account in calculating the amounts included.
Where the disposal of shares in a 100% subsidiary is involved, the companies in the former wholly - owned group may be made jointly and severally liable for tax that the former subsidiary does not pay.
Table of sections
Operative provisions
45 - 5 Disposal of leased plant or lease
45 - 10 Disposal of interest in partnership
45 - 15 Disposal of shares in 100% subsidiary that leases plant
45 - 20 Disposal of shares in 100% subsidiary that leases plant in partnership
45 - 25 Group members liable to pay outstanding tax
45 - 30 Reduction for certain plant acquired before 21.9.99
45 - 35 Limit on amount included for plant for which there is a CGT exemption
45 - 40 Meaning of plant and written down value