Document ID: chunk:federal_register_of_legislation:C2010C00610:clause:2_12
Version: federal_register_of_legislation:C2010C00610
Segment Type: clause
Provision Reference: sch 2 cl 12
Character Range: 13106–13773

12  Paragraph 705‑45(a)
Repeal the paragraph, substitute:
 (a) an asset of the joining entity is a *depreciating asset to which Division 40 applies; and
 (aa) just before the entity became a subsidiary member, subsection 40‑10(3) or 40‑12(3) of the Income Tax (Transitional Provisions) Act 1997 applied for the purposes of the joining entity working out the asset's decline in value under Division 40; and

Note: The effect of those subsections was to preserve an entitlement to accelerated depreciation.

Part 5—Transitional adjustment to over‑depreciation provisions where no unfranked or partly franked dividends

Income Tax (Transitional Provisions) Act 1997