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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.365

Involuntary disposals

                   Section 40-365 of the new Act applies to a case where:

                     (a)  a balancing adjustment event occurred for plant in the circumstances mentioned in subsection 42-293(2) of the former Act before 1 July 2001; and

                     (b)  you start to hold a replacement asset or assets after that day; and

                     (c)  the conditions in subsections 40-365(3) and (4) of the new Act are satisfied.

Table of sections

40-420      Low-value pools under Division 42 continue

40-430      Allocating assets to low-value pools

40-450      Software development pools



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