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-B - Core provisions  

Operative provisions

SECTION 40-60   When a depreciating asset starts to decline in value  

40-60(1)  
A * depreciating asset you * hold starts to decline in value from when its * start time occurs.

40-60(2)  
The start time of a * depreciating asset is when you first use it, or have it * installed ready for use, for any purpose.

Note:

Previous use by a transition entity is ignored: see section 58-70 .

40-60(3)  
However, there is another start time for a * depreciating asset you * hold if a * balancing adjustment event referred to in paragraph 40-295(1)(b) occurs for the asset and you start to use the asset again. Its second start time is when you start using it again.


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