Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2d:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2D (pt 2/4)
Character Range: 2162884–2165501

whose functions were transferred to the transition taxpayer.
 (2) An exempt government entity is:
 (a) the Commonwealth, a State or a Territory; or
 (b) an STB, within the meaning of Division 1AB of Part III, that is exempt from tax under that Division.

Subdivision 57‑C—Time when income derived

57‑15  Time when income derived
 (1) To the extent that income derived by the transition taxpayer before the transition time is in respect of:
 (a) services rendered; or
 (b) goods provided; or
 (c) the doing of any other thing;
at or after the transition time, the income is treated for the purposes of this Act as having been derived at the time the services were rendered, the goods were provided or the thing was done, as the case requires.
 (2) To the extent that income derived by the transition taxpayer at or after the transition time is in respect of:
 (a) services rendered; or
 (b) goods provided; or
 (c) the doing of any other thing;
before the transition time, the income is treated for the purposes of this Act as having been derived before that time.

Subdivision 57‑D—Time when losses and outgoings incurred

57‑20  Time when losses and outgoings incurred
 (1) To the extent that a loss or outgoing (within the meaning of section 51 of this Act or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate) incurred by the transition taxpayer before the transition time is in respect of:
 (a) services rendered; or
 (b) goods provided; or
 (c) the doing of any other thing;
at or after the transition time, the loss or outgoing is treated for the purposes of this Act as having been incurred at the time the services were rendered, the goods were provided or the thing was done, as the case requires.
 (2) To the extent that a loss or outgoing (within the meaning of section 51 of this Act or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate) incurred by the transition taxpayer at or after the transition time is in respect of:
 (a) services rendered; or
 (b) goods provided; or
 (c) the doing of any other thing;
before the transition time, the loss or outgoing is treated for the purposes of this Act as having been incurred before that time.

Subdivision 57‑E—Assets and liabilities

57‑25  Deemed disposal and re‑acquisition of assets
 (1) This section applies to:
 (a) the disposal of an asset by the transition taxpayer after the transition time; and
 (b) a CGT event that happens after the transition time in relation to an asset owned by the transition taxpayer;
where the transition taxpayer owned the asset at all times from the transition time until the disposal or