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INCOME TAX ASSESSMENT ACT 1997 - SECT 45.1 What this Division is about

INCOME TAX ASSESSMENT ACT 1997 - SECT 45.1

What this Division is about

This Division is designed to prevent tax being avoided through:

  (a)   the disposal of leased plant, or an interest in leased plant; or

  (b)   the disposal of a partnership interest in a partnership that leased plant; or

  (c)   the disposal of shares in a 100% subsidiary that leased plant;

where amounts have been deducted for the decline in value of the plant.

It includes amounts in assessable income. Any benefit received, and any reduction in a liability, is taken into account in calculating the amounts included.

Where the disposal of shares in a 100% subsidiary is involved, the companies in the former wholly - owned group may be made jointly and severally liable for tax that the former subsidiary does not pay.

Table of sections

Operative provisions

45 - 5   Disposal of leased plant or lease

45 - 10   Disposal of interest in partnership

45 - 15   Disposal of shares in 100% subsidiary that leases plant

45 - 20   Disposal of shares in 100% subsidiary that leases plant in partnership

45 - 25   Group members liable to pay outstanding tax

45 - 30   Reduction for certain plant acquired before 21.9.99

45 - 35   Limit on amount included for plant for which there is a CGT exemption

45 - 40   Meaning of plant and written down value

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