Leisure facilities and boats
This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
End of attention
If a balancing adjustment event occurs in relation to a depreciating asset that is a leisure facility or a boat and your deductions for the decline in value of the asset have been reduced - see Decline in value of leisure facilities and boats- the balancing adjustment amount is reduced to the extent your deductions for decline in value were reduced. In addition, a capital gain or capital loss may arise in respect of the difference between the asset's cost and its termination value that is attributable to the reduction.
These rules are similar to those for working out the balancing adjustment amount for a depreciating asset used other than for a taxable purpose.
Last modified: 01 Oct 2006QC 27597