Document ID: chunk:federal_register_of_legislation:C2010C00679:section:1987:p40
Version: federal_register_of_legislation:C2010C00679
Segment Type: section
Provision Reference: s 1987 (pt 40/51)
Character Range: 110771–113509

section would have applied to the disposal of the property;
then, in addition to the application of the roll-over section concerned apart
from this section, the roll-over section applies to the disposal.
(How joint election made)
  (3) A joint election under subsection (2) has no effect unless it:
  (a) is in writing; and
  (b) is made:
    (i) within 6 months after the later of the following:
      (A) the end of the year of income of the transferee in which the
disposal occurred;
      (B) the commencement of this subsection; or
    (ii) within such further period as the Commissioner allows.
(Retention of joint election)
  (4) A person who is a party to a joint election under subsection (2) must
retain the election, or a copy, until the end of 5 years after the earlier
of:
  (a) the disposal by the person of the property; or
  (b) the loss or destruction of the property.
Penalty:  $3,000.
(Exceptions to retention rules)
  (5) Subsection (4) does not require a person to retain an election, or a
copy, if:
  (a) the Commissioner has notified the person that retention of the election
or copy is not required; or
  (b) the person is a company that has gone into liquidation and has been
finally dissolved.
(Extension of roll-over relief to motor vehicles)
  (6) For the purposes of this section, in addition to the effect that section
160ZZO of the Principal Act has apart from this subsection, that section also
has the effect that it would have if a reference in that section to an asset
included a reference to a motor vehicle of a kind mentioned in paragraph
82AF(2)(a) of the Principal Act.

Division 15 - Amendments relating to roll-over relief where capital
deductions have been allowed

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 46
Depreciation roll-over relief for unpooled property where CGT
roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN,
160ZZNA or 160ZZO or where election for roll-over relief made
under section 59AA

  46. Section 58 of the Principal Act is amended:
  (a) by inserting in paragraph (1)(b) "subject to subsection (7A)," before
"depreciation";
  (b) by inserting after subsection (7) the following subsection:
(Second or subsequent application of section - paragraph (1)(b) does not
apply)
  "(7A) If, apart from this subsection, this section has applied to the
disposal of the property to the transferee, then, in working out whether this
section applies to a subsequent disposal of the property by:
  (a) the transferee; or
  (b) one or more subsequent successive transferees;
this section has effect as if paragraph (1)(b) (which deals with deductions
for depreciation) had not been enacted.".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
-