Document ID: chunk:federal_register_of_legislation:C2024C00267:section:2
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 2
Character Range: 608084–609636

2                            One of the following subsections of the Income Tax Assessment Act 1997 applied to the entity:  The amount treated as being the cost, or the first element of the cost, of the asset under that subsection
                             (a) former subsection 58‑20(5);
                             (b) 58‑70(3)

If asset sale situation affected asset's cost for chosen transitional entity
 (4) If:
 (a) on or after 4 August 1997, an entity (whether the chosen transitional entity or another entity) acquired the asset in connection with the acquisition of a business from the tax exempt vendor (within the meaning of those terms given by Division 58 of the Income Tax Assessment Act 1997, as that Division applied to the acquisition); and
 (b) because of the acquisition, that Division directly or indirectly affected how much the chosen transitional entity could deduct for the asset; and
 (c) that effect was partly due to the amount described in an item of the table being worked out for that entity directly or indirectly by reference to a provision of that Division specified in the item; and
 (d) that amount is less than it would have been apart from that provision;
the difference is added to the step 1 amount.

Amounts and provisions for different dates of acquisition
                                                           Date of the acquisition  Amount                                  Provision of Division 58 of the Income Tax Assessment Act 1997 applying to the acquisition and the working out of the amount