Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

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.