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  • What happens if you no longer own an item of plant



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    You may need to calculate a balancing adjustment where you have disposed of an item of plant or it is lost or destroyed. When making your calculation you must compare the termination value on disposal, loss or destruction, with the undeducted-cost of the asset and its written down value. If the termination value on disposal, loss or destruction is more than the written down value, the difference is generally included in your assessable income.

    Refer to the Guide to depreciation for further information about balancing adjustments.

    Last modified: 28 Jul 2003QC 16187