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INCOME TAX ASSESSMENT ACT 1997 - SECT 328.257 Taxable use

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.257

Taxable use

  (1)   This section applies to * depreciating assets (the previously held assets ) that were * held by the transferor just before the * balancing adjustment events occurred.

  (2)   Subsection   328 - 205(1) (about estimates of taxable use) does not apply to previously held assets in the hands of the transferee for the BAE year. Instead, the transferee uses for the BAE year:

  (a)   the estimate made by the transferor under that subsection for the asset; or

  (b)   if the transferor had made one or more estimates for the asset under subsection   328 - 225(1) that resulted in an adjustment under section   328 - 225 (about change in business use)--that estimate or the most recent of those estimates.

  (3)   Section   328 - 225 applies to the transferee for each previously held asset for income years after the BAE year as if:

  (a)   the transferee had * held the asset during the period that the transferor held it; and

  (b)   estimates applicable to the transferor for the asset under that section were also applicable to the transferee.

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