Commonwealth Consolidated Acts

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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 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.



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