Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-B - Core provisions  

Operative provisions

SECTION 40-60   When a depreciating asset starts to decline in value  

40-60(1)    
A ^* depreciating asset you ^* hold starts to decline in value from when its ^* start time occurs.

40-60(2)    
The start time of a ^* depreciating asset is when you first use it, or have it ^* installed ready for use, for any purpose.

Note:

Previous use by a transition entity is ignored: see section 58-70 .

40-60(3)    
However, there is another start time for a ^* depreciating asset you ^* hold if a ^* balancing adjustment event referred to in paragraph 40-295(1)(b) occurs for the asset and you start to use the asset again. Its second start time is when you start using it again.