Income Tax (Transitional Provisions) Act 1997

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:

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

roll‑over relief is chosen under subsection 40‑340(3) of the Income Tax Assessment Act 1997 for the disposal.

Instead, the cost to the transferee of that real asset is the sum of:

the adjustable value of that real asset; and

the adjustable value of the notional asset referred to in subsection 40‑35(5), 40‑38(5) or 40‑40(4);