S 124N repealed by No 164 of 2007, s 3 and Sch 10 item 41, effective 1 July 2010. S 124N formerly read:
SECTION 124N DEDUCTIONS ON THE DISPOSAL OR LAPSE OF A UNIT OF INDUSTRIAL PROPERTY
Where, at any time during the year of income, a taxpayer who is the owner of a unit of industrial property to whom this Division applies disposes of the unit in whole and the amount of the consideration receivable in respect of the disposal is less than the residual value of the unit in relation to him at that time, the amount of the residual value, less the amount of the consideration, shall be an allowable deduction.
a unit of industrial property owned by a taxpayer who is an owner to whom this Division applies ceases to exist at any time during the year of income by reason of the copyright to which the unit relates ceasing to be in force; or
a unit of industrial property owned by a taxpayer who is an owner to whom this Division applies and became the owner by reason of the grant, by licence, to him of an interest in a copyright ceases to exist at any time during the year of income by reason of a surrender of the licence in a case where there was no consideration receivable by the taxpayer in respect of the surrender,
and there is a residual value of the unit in relation to the taxpayer as at that time, that residual value shall be an allowable deduction.
S 124N(2) amended by
No 101 of 2006
, s 3 and Sch 2 items 314 and 315, by substituting
patent or copyright, or the registration of the design,
in para (a) and
patent, copyright or design
in para (b), effective 14 September 2006. For application and savings provisions see the
CCH Australian Income Tax Legislation archive