Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p49
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 49/54)
Character Range: 1210976–1213490

value or of that part of it that is attributable to that interest:
 (i) the money you receive or are entitled to receive for the disposal;
 (ii) the amount of any reduction in a liability of yours as a result of the disposal;
 (iii) the *market value of any other benefit you receive or are entitled to receive as a result of the disposal.
 (2) The amount included is the excess referred to in paragraph (1)(e). It is included for the income year in which the disposal occurred.
Example: Sean owns a leased asset. The asset has a written down value of $20,000. He has an outstanding loan for the asset of $60,000.
 Sean sells a 50% interest in the asset to Leprechaun Pty Ltd for $40,000. Leprechaun agrees to take over 50% of Sean's obligation to make debt service payments.
 The excess referred to in paragraph 45‑5(1)(e) is:
 That amount is included in Sean's assessable income.
 This amount would be reduced if part of it is included in Sean's assessable income under another provision (see subsection 45‑5(5)).
Note 1: There is a reduction of the amount included for certain plant acquired before 21 September 1999: see section 45‑30.
Note 2: There is a limit on the amount included for plant for which there is a CGT exemption: see section 45‑35.
 (3) An amount is also included in your assessable income if:
 (a) you have deducted or can deduct an amount for the *plant's decline in value; and
 (b) for most of the time when you *held the plant, you leased it to another entity; and
 (c) all or part of the lease period occurred on or after 22 February 1999; and
 (d) on or after that day, you dispose of:
 (i) your interest in the plant, or part of it; or
 (ii) a right under, or an interest in, the lease;
  and that disposal does not constitute a *balancing adjustment event.
 (4) The amount included is the sum of the following amounts:
 (a) the money you receive or are entitled to receive for the disposal;
 (b) the amount of any reduction in a liability of yours as a result of the disposal;
 (c) the *market value of any other benefit you receive or are entitled to receive as a result of the disposal;
It is included for the income year in which the disposal occurred.
 (5) However, an amount is not included in your assessable income under this section to the extent that:
 (a) it is included in that assessable income under a provision of this Act outside this Division; or
 (b) you apply it under section 40‑365 (about offsetting balancing adjustments); or
 (c) roll‑over relief is available for