Document ID: chunk:federal_register_of_legislation:C2010C00602:clause:7_8:p2
Version: federal_register_of_legislation:C2010C00602
Segment Type: clause
Provision Reference: sch 7 cl 8 (pt 2/5)
Character Range: 17389–20159

for the *balancing adjustment events under:
 (a) paragraph (a) of step 2 in the method statement in section 328‑200; or
 (b) subsection 328‑210(2).

 (2) Subsection 328‑215(4) does not apply to the *balancing adjustment events for the transferor.

 (3) A choice made by the transferor for a *depreciating asset under subsection 328‑175(3) (about primary production assets) applies to the transferee as if it had been made by the transferee.

 (4) Sections 328‑247 to 328‑257 have effect.

328‑247  Pool deductions

 (1) The amount that can be deducted for the transferor's *general STS pool and *long life STS pool for the BAE year under subsection 328‑190(1) or section 328‑210 for the BAE year is split equally between:
 (a) the transferor and the transferee; or
 (b) if there are 2 or more variations in the constitution of a relevant partnership or in the interests of the partners for the BAE year and a roll‑over is chosen for each variation—the partnerships concerned.

Example: John and Dave operate a dry cleaning business in partnership (the transferor). The transferor is an STS taxpayer. On the 90th day of an income year, Jonathan joins the partnership. The new partnership (the transferee) becomes an STS taxpayer for the income year. Had there been no partnership change, a deduction of $6,600 would have been available for the transferor's general STS pool. The transferor and transferee jointly choose the roll‑over.

 The deduction available to the transferor and the transferee for the pool under subsection 328‑190(1) is $3,300 each.

 (2) The transferor cannot deduct any amount for the transferor's *general STS pool or *long life STS pool for an income year after the BAE year.

328‑250  Deductions for assets first used in BAE year

 (1) This section applies in working out the amount that the transferor or transferee can deduct for the BAE year under subsection 328‑180(1) (low‑cost assets) or subsection 328‑190(2) (assets that will be pooled) for a *depreciating asset that the transferor or transferee started to use, or have *installed ready for use, for a *taxable purpose during the BAE year.

Asset first used by transferor

 (2) If the asset was first used or *installed ready for use by the transferor, the amount that can be deducted under subsection 328‑180(1) or subsection 328‑190(2) for the asset for the BAE year is split equally between:
 (a) the transferor and the transferee; or
 (b) if there are 2 or more variations in the constitution of a relevant partnership or in the interests of the partners for the BAE year and a roll‑over is chosen for each variation—the partnerships concerned.

Asset first used by transferee

 (3) If the asset was first used or *installed ready for use by the transferee:
 (a) the transferor