INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

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

Division 43 - Deductions for capital works  

Subdivision 43-H - Balancing deduction on destruction of capital works  

Operative provisions

SECTION 43-250   The amount of the balancing deduction  

Method statement


Step 1.

Calculate the amount (if any) by which the *undeducted construction expenditure for the part of *your area that was destroyed exceeds the amounts you have received or have a right to receive for the destruction of that part.


Step 2.

Reduce the amount at Step 1 if one or more of these happened to that part of *your area:

  • (a) Step 2 or 4 in section 43-210, or Step 2 or 3 in section 43-215, applied to you or another person for it;
  • (b) you were, or another person was, not allowed a deduction for it under this Division;
  • (c) a deduction for it was not allowed or was reduced (for you or another person) under former Division 10C or 10D of Part III of the Income Tax Assessment Act 1936.
  • The reduction under this step must be reasonable.


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