Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 41.20

(1) Roll-over relief is available if:

   (a)  the transferor can deduct an amount for that income year, or has
        deducted or can deduct an amount for an earlier income year, in
        respect of the property under the rules for the *capital allowance;
        and

   (b)  if the transferor is not a partnership-section 160ZZM, 160ZZMA, 160ZZN
        or 160ZZO of the Income Tax Assessment Act 1936:

        (i)    applies to the disposal; or

        (ii)   if the property is a *motor vehicle covered by paragraph
               82AF(2)(a) of that Act-would apply to the disposal if a
               reference in those sections to an asset included a reference to
               a motor vehicle of that kind; and

   (c)  if the transferor is a partnership-the property is partnership
        property and section 160ZZNA of the Income Tax Assessment Act 1936:

        (i)    applies to the disposal, by all of the partners, of their
               interests in the property; or

        (ii)   if the property is a *motor vehicle covered by paragraph
               82AF(2)(a) of that Act-would apply to the disposal, by all of
               the partners, of their interests in the property if a reference
               in that section to an asset included a reference to a motor
               vehicle of that kind. Note: If roll-over relief is available,
               there are certain record keeping requirements that arise out of
               the disposal: see section 262A of the
               Income Tax Assessment Act 1936.

(2) Roll-over relief is also available if the transferor and the transferee
jointly elect for it under subsection 330-520(4). Note 1: Section 330-520 is
about partial changes of ownership. Note 2: If the transferor and transferee
do so elect, there are certain record keeping requirements that arise from the
election: see section 262A of the Income Tax Assessment Act 1936.