Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:4_1:p2
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 4 cl 1 (pt 2/3)
Character Range: 903725–906814

373‑80 and 373‑85)

  2                                             373‑50(4);                                           an amount that section 124P of the Income Tax Assessment Act 1936 included in your assessable income for the item for an income year before the 1998‑99 income year            an amount included in your assessable income for the item by section 373‑50 or 373‑65 (as appropriate) of the Income Tax Assessment Act 1997

                                                373‑65(2);

                                                373‑85(4);

                                                41‑40(2) (as applying because of 373‑80 and 373‑85)

  3                                             373‑60(1)(a)                                         the item's cost to you for the purposes of Division 10B of Part III of the Income Tax Assessment Act 1936                                                                      your expenditure on the item

[The next section is section 373‑65.]

373‑65  Effect on balancing adjustment if there has been roll‑over relief under the old law only

 (1) If:

 (a) in the 1997‑98 income year or an earlier income year roll‑over relief was available under section 124PA of the Income Tax Assessment Act 1936 in relation to the disposal of an item of intellectual property by a taxpayer (the transferor) to another taxpayer (the transferee); and

 (b) a balancing adjustment is required for the item for the 1998‑99 income year or a later income year; and

 (c) there has been no earlier balancing adjustment event for the item for which roll‑over relief was available under Common rule 1;

the balancing adjustment is affected in 2 ways.

 (2) First:

 (a) the total amounts that the transferor deducted or could deduct for the item under Division 10B of Part III of the Income Tax Assessment Act 1936; or

 (b) if there have been 2 or more prior applications of section 124PA of that Act to the item—the total amounts that the prior transferors deducted or could deduct for the item under that Division;

are taken to have been amounts that the transferee deducted or could deduct for the item under that Division.

 (3) Second:

 (a) the total amounts included in the transferor's assessable income under Division 10B of Part III of the Income Tax Assessment Act 1936 because of the item; or

 (b) if there have been 2 or more prior applications of section 124PA of that Act to the item—the total amounts included under that Division in the assessable income of the prior transferors because of the item;

are taken to have been amounts included in the transferee's assessable income under that Division because of the item.

[The next section is section 373‑100.]

373‑100  Item you acquired in a non‑arm's length transaction

 (1) This section affects how section 373‑100 of the Income Tax Assessment Act 1997 applies to you if the entity from which you acquired the item had owned since before the 1998‑99 income year:

 (a) the item itself; or

 (b) if subsection 373‑100(4) of that Act applies—the other