Document ID: chunk:federal_register_of_legislation:C2012C00793:section:42
Version: federal_register_of_legislation:C2012C00793
Segment Type: section
Provision Reference: s 42
Character Range: 24838–25689

42  Disposal of property to new group company

  Paragraph 82AG(1)(a) of the Tax Act does not apply in relation to a disposal of property by the transferring body before the end of a particular period of 12 months if:
 (a) the disposal took place during the reorganisation;
 (b) the disposal was to a body corporate that was, at the time of the disposal, a new group company;
 (c) the property was not, at any time during that period, owned by a person other than the transferring body or a body corporate that was a new group company at that time; and
 (d) at no time during that period did a person who owned the property:
 (i) lease it, let it on hire under a hire‑purchase agreement or otherwise grant to another person a right to use it; or
 (ii) use it outside Australia or for a purpose other than the purpose of producing assessable income.