Document ID: chunk:federal_register_of_legislation:F2017L01687:reg:1
Version: federal_register_of_legislation:F2017L01687
Segment Type: reg
Provision Reference: reg 1
Character Range: 2298–3493

1  Depreciating assets transferred in a small business restructure roll‑over
(1) The operation of:
 (a) section 40‑340 of the Income Tax Assessment Act 1997; and
 (b) any other provision of a taxation law the operation of which is affected by the operation of that section (as modified by this instrument) in relation to an asset covered by item 8 of the table in subsection 40‑340(1) of that Act;
is modified in the way set out below.

Modification
(2) If section 40‑340 of that Act provides for roll‑over relief in relation to a disposal of a depreciating asset because the condition in item 8 of the table in subsection 40‑340(1) of that Act is satisfied in relation to the asset, that section has effect as if it also provided that the disposal of the asset has no direct consequences under the income tax law (other than Division 40 of that Act).
(3) The modification applies in respect of transfers on or after the day after this instrument commences.
(4) The modification 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.