Income Tax Assessment Act 1997

CHAPTER 5 - ADMINISTRATION  

PART 5-30 - RECORD-KEEPING AND OTHER OBLIGATIONS  

Division 900 - Substantiation rules  

Subdivision 900-E - Written evidence  

Operative provisions

SECTION 900-120   Written evidence of depreciating asset expense  

900-120(1)  
You may use this set of rules only for a *depreciating asset expense.

900-120(2)  
You must get evidence of the original acquisition of the *depreciating asset. It must be a document that you get from the supplier of the asset and that specifies:


(a) the name or business name of the supplier; and


(b) the cost of the asset to you; and


(c) the nature of the asset; and


(d) the day you acquired the asset; and


(e) the day it is made out.

900-120(3)  
However, if the document the supplier gave you does not specify the nature of the asset, you may write in the missing details yourself before you lodge your *income tax return for the income year in which you first claim a deduction for the decline in value of the asset.

900-120(4)  
If you don't get the document in time, for example because you only decided to use the asset for income-producing purposes several years after you acquired it, there are rules that might help you in Subdivision 900-H (Relief from effects of failing to substantiate).

900-120(5)  


The document must be in English. However, if you *imported the asset into Australia, the document can instead be in a language of the country from which the asset was originally exported.

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