Income Tax Assessment Act 1997
This section applies if an amount (the debt forgiveness amount ) is applied in reduction of expenditure for a * depreciating asset in an income year under section 245-155 or 245-157 .
The asset ' s * cost is reduced for that income year by the debt forgiveness amount. 40-90(3)
The asset ' s * opening adjustable value for that income year is reduced by the debt forgiveness amount if that income year is later than the one in which its * start time occurs.
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