Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (SMALL BUSINESS) ACT 2007 - SCHEDULE 7

Income Tax Assessment Act 1997

1   Before subsection 328 - 243(1)

Insert:

  (1A)   There is roll - over relief under subsection 40 - 340(1) (as affected by subsection 40 - 340(2)) if:

  (a)   * balancing adjustment events occur for * depreciating assets on a day (the BAE day ) because an entity (the transferor ) disposes of the assets in an income year to another entity (the transferee ); and

  (b)   the disposal involves a * CGT event; and

  (c)   the conditions in item   1, 2 or 3 of the table in subsection 40 - 340(1) are satisfied; and

  (d)   deductions for the assets are calculated under this Subdivision; and

  (e)   the transferor and the transferee jointly choose the roll - over relief; and

  (f)   the condition in subsection   (2) is met.

2   Application

The amendment made by this Schedule applies in relation to the income year after the income year in which this Act receives the Royal Assent and each later income year.