INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 58 - Capital allowances for depreciating assets previously owned by an exempt entity  

Subdivision 58-B - Calculating decline in value of privatised assets under Division 40  

SECTION 58-65   Choice of method to work out cost of privatised asset  

58-65(1)  
The *transition entity or the purchaser has a choice to work out the first element of the *cost of each *privatised asset.

58-65(2)  
The choice is to use either:


(a) the *notional written down value of the asset; or


(b) the *undeducted pre-existing audited book value (if any) of the asset.

58-65(3)  
The choice must be made:


(a) for the *transition entity - by the day on which the transition entity lodges its *income tax return for the *transition year; or


(b) for the purchaser - by the day on which the purchaser lodges the purchaser's income tax return for the *acquisition year;

or within a further period allowed by the Commissioner.

58-65(4)  
The choice, once made, cannot be changed.


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