Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:11_1:p8
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 11 cl 1 (pt 8/8)
Character Range: 693751–695265

sets out Common rule 1 dealing with roll‑over relief for related entities) applies as if:
 (c) a reference in that Common rule to the rules for the capital allowance included a reference to that Division (except section 124J); and
 (d) that Common rule had applied to any disposal of the road or building during or before the 1996‑97 income year for which roll‑over relief was available under section 124GA or 124JD of the Income Tax Assessment Act 1936.

387‑507  Transitional provision for certain non-arm's length transactions

 (1) If:
 (a) an entity incurred capital expenditure on an access road or a timber mill building for which the entity has deducted, or can deduct, an amount for a year of income before the
1997-98 income year under Division 10A of Part III of the Income Tax Assessment Act 1936 (except section 124J); and
 (b) the entity disposes of the road or building during the 1997-98 income year or a later income year in a transaction in which the parties do not deal at arm's length; and
 (c) under the transaction the entity receives an amount less than the market value of what the amount is for; and
 (d) subsection 41‑65(2) of the Income Tax Assessment Act 1997 does not apply;
the entity is taken to have received that market value for the disposal.

 (2) In determining whether the parties to the transaction dealt at arm's length, consider any connection between them, as well as any other relevant circumstance.

Part 2—Consequential amendment of the Income Tax Assessment Act 1997