Income Tax Assessment Act 1997
CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-45
-
RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 328
-
Small business entities
This section sets out adjustments you may have to make if a * balancing adjustment event occurs for a * depreciating asset for which you calculate your deductions under this Subdivision. 328-215(2)
If the asset is allocated to your *general small business pool and:
(a) the * closing pool balance of the pool for the income year in which the event occurred is less than zero; or
(b) the amount worked out under subsection 328-210(2) for that income year is less than zero;
In that case, the * closing pool balance of the pool for that income year then becomes zero. 328-215(4)
If the asset was one for which you deducted an amount under section 328-180 (about assets costing less than $1,000), you include the * taxable purpose proportion of the asset ' s * termination value in your assessable income.
Subdivision 328-D
-
Capital allowances for small business entities
Operative provisions
SECTION 328-215
Disposal etc. of depreciating assets
328-215(1)
This section sets out adjustments you may have to make if a * balancing adjustment event occurs for a * depreciating asset for which you calculate your deductions under this Subdivision. 328-215(2)
If the asset is allocated to your *general small business pool and:
(a) the * closing pool balance of the pool for the income year in which the event occurred is less than zero; or
(b) the amount worked out under subsection 328-210(2) for that income year is less than zero;
the amount by which that balance or amount is less than zero is included in your assessable income for that year.
328-215(3)
In that case, the * closing pool balance of the pool for that income year then becomes zero. 328-215(4)
If the asset was one for which you deducted an amount under section 328-180 (about assets costing less than $1,000), you include the * taxable purpose proportion of the asset ' s * termination value in your assessable income.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.