| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your written advice
Authorisation Number: 1051206590048
Date of Advice: 31 March 2017
Ruling
Subject: Availability of deduction for loss of the acquisition cost of an asset
Question 1
Is the Entity allowed to claim a deduction for a loss under section 8-1 of the Income Tax Assessment Act 1997 (ITAA 1997) in the income year ending 30 June 2017 for the full acquisition cost of an asset?
Answer
Yes
This ruling applies for the following periods:
1 July 2016 - 30 June 2017
The scheme commences on:
12 November 2012
Relevant facts and circumstances and reason for decision.
Based on the facts applicable to the Entity, its particular business and the details of the asset, a deduction under section 8-1 is allowable.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
