INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-C - Cost  

Operative provisions

SECTION 40-215   40-215   Adjustment: double deduction  


Each element of the * cost of a * depreciating asset is reduced by any portion of that element of cost that you have deducted or can deduct, or that has been or will be taken into account in working out an amount you can deduct, other than under this Division, Division 41 or Division 328 .
Note:

This section does not apply to notional deductions under section 355-305 or 355-520 (about R & D) because those provisions are about deducting the asset ' s decline in value, not its cost.

40-215(2)  
(Repealed by No 93 of 2011)


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