Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p16
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 16/50)
Character Range: 119955–122528

property without a specific price being allocated to it—the part of the total sale price, less the reasonably attributable expenses of the sale, that is reasonably attributable to selling the other property; or
 (c) if the other property is lost or destroyed—the amount or value received or receivable under an insurance policy or otherwise for the loss or destruction; or
 (d) if you own the other property and you stop using it for a taxable purpose—its market value at that time; or
 (e) if you do not own the property and you stop using it for a taxable purpose—a reasonable amount.
However, the amount included is reduced to the extent (if any) that it is also included under subsection 40‑830(6) of the new Act.

40‑44  No additional decline in certain cases
 (1) Despite subsections 40‑35(5), 40‑38(5) and 40‑40(4), there is no additional decline in the value of the notional asset referred to in those subsections if:
 (a) apart from this section, subsection 40‑35(5), 40‑38(5) or 40‑40(4) would apply because the real asset referred to in that subsection is disposed of; and
 (b) roll‑over relief is chosen under subsection 40‑340(3) of the Income Tax Assessment Act 1997 for the disposal.
 (2) Instead, the cost to the transferee of that real asset is the sum of:
 (a) the adjustable value of that real asset; and
 (b) the adjustable value of the notional asset referred to in subsection 40‑35(5), 40‑38(5) or 40‑40(4);
just before the disposal.

40‑45  Intellectual property
 (1) This section applies to you if:
 (a) at the end of 30 June 2001, you hold an item of intellectual property referred to in the table in section 373‑35 of the former Act; and
 (b) you have deducted or can deduct an amount for expenditure on the asset under Division 373 of the former Act or you could have deducted an amount under that Division for that expenditure if you had used the asset for the purpose of producing assessable income on or before that day.
 (2) Division 40 of the new Act applies to the item on this basis:
 (a) it has an opening adjustable value at 1 July 2001 equal to its unrecouped expenditure under the former Act at the end of 30 June 2001; and
 (b) its cost is its original unrecouped expenditure under the former Act; and
 (c) its effective life is the same as it had under the former Act; and
 (d) you must use the prime cost method.
Note: There are special rules for entities that have substituted accounting periods: see section 40‑65.

40‑47  IRUs
 (1) Division 40 of the new Act does not apply to an IRU to the extent to which expenditure on the IRU