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INCOME TAX ASSESSMENT ACT 1997 - SECT 328.450

Small business transfers not to affect income tax positions

             (1)  Except as provided by this Subdivision, a transfer of an asset has no direct consequences under the * income tax law if:

                     (a)  the transfer occurs under a transaction in relation to which section 328-430 applies; and

                     (b)  a roll-over under this Subdivision is available under that section in relation to the asset.

Example:    If the transfer were a transfer of the asset from a company to a shareholder, it would not be treated as a payment of a dividend under Division 7A of Part III of the Income Tax Assessment Act 1936 .

             (2)  To avoid doubt, this section does not affect the application of the * income tax law in relation to:

                     (a)  anything that happens in relation to the asset that does not directly relate to the transfer; or

                     (b)  the ownership of the asset at any time.



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