Income Tax Assessment Act 1997
CHAPTER 2
-
LIABILITY RULES OF GENERAL APPLICATION
PART 2-10
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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.
Step 2.(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
.
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:
The reduction under this step must be reasonable.
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