Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.44

  (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.