Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p43
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 43/50)
Character Range: 182933–185710

the event is when you entered into the contract for the disposal of the asset; and
 (d) the change in ownership constituting the disposal occurred after the applicable time mentioned in paragraph (a) or (b).

40‑287  Disposal of pre‑1 July 2001 mining depreciating asset to associate
 (1) This section applies if:
 (a) on or after 1 July 2001, a company (the transferor) disposes of a depreciating asset to another company; and
 (b) the companies are members of the same linked group at the time of the disposal; and
 (c) apart from this section, the disposal would have resulted in:
 (i) an amount (the included amount) being included in the assessable income of the transferor under subsection 40‑285(1) of the Income Tax Assessment Act 1997; and
 (ii) the transferor having an additional decline in value (the deductible amount) under subsection 40‑35(5), 40‑38(5) or 40‑40(4) of this Act; and
 (d) the included amount is more than the deductible amount.
 (2) Subsection 40‑35(5), 40‑38(5) or 40‑40(4) of this Act does not apply to the disposal.
 (3) The amount that is included in the transferor's assessable income under subsection 40‑285(1) of the Income Tax Assessment Act 1997 is the included amount reduced by the deductible amount.

40‑288  Disposal of pre‑1 July 2001 mining non‑depreciating asset to associate
 (1) This section applies if:
 (a) on or after 1 July 2001, a company (the transferor) disposes of property that is not a depreciating asset to another company; and
 (b) the companies are members of the same linked group at the time of the disposal; and
 (c) apart from this section, the disposal would have resulted in the transferor having an additional decline in value (the deductible amount) under subsection 40‑35(5), 40‑37(5), 40‑40(4) or 40‑43(4) of this Act; and
 (d) the sum of:
 (i) the money the transferor receives, or is entitled to receive, in respect of the disposal; and
 (ii) the market value of any other property the transferor receives, or is entitled to receive, in respect of the disposal;
  is more than the deductible amount.
 (2) There is no additional decline in value of the notional asset referred to in subsection 40‑35(5), 40‑37(5), 40‑40(4) or 40‑43(4) as a result of the disposal.
 (3) Any amount that would be included in the transferor's assessable income under subsection 40‑35(6), 40‑37(6), 40‑38(6), 40‑40(5) or 40‑43(5) of this Act, or subsection 40‑830(6) of the Income Tax Assessment Act 1997, as a result of the disposal is reduced by the deductible amount.

40‑289  Surrendered firearms
  If a balancing adjustment event for a firearm that you hold occurs because you surrender it after the commencement of this section under firearms surrender arrangements, any amount by which its termination value exceeds its