Income Tax Assessment Act 1936
View history note
Hide history noteDiv 10B repealed by No 164 of 2007, s 3 and Sch 10 item 41, effective 1 July 2010.
Div 10B inserted by No 101 of 1956.
(Repealed by No 164 of 2007)
S 124M repealed by No 164 of 2007, s 3 and Sch 10 item 41, effective 1 July 2010. S 124M formerly read:
S 124M(2) amended by No 108 of 1981 and No 143 of 1965. an amount equal to that residual value shall, subject to this Act, be an allowable deduction in respect of the unit in the assessment of the taxpayer in respect of income of that year of income. S 124M(3) substituted by No 172 of 1978. S 124M(4) inserted by No 172 of 1978. S 124M(5) inserted by No 172 of 1978. S 124M(3), (4), (5) and (6) substituted for the former s 124M(3) by No 172 of 1978.
SECTION 124M ANNUAL DEDUCTIONS
124M(1)
Where, at any time during the year of income, a taxpayer is the owner of a unit of industrial property to whom this Division applies, an amount equal to the residual value of the unit in relation to the taxpayer as at the end of the year of income divided by a number equal to the number of whole years in the effective life of the unit in relation to the taxpayer as at the commencement of the year of income shall, subject to this Act, be an allowable deduction in respect of the unit.
124M(2)
Where the deduction allowable under subsection (1) would, but for this subsection, be less than $100, the deduction allowable shall be $100, or the amount of the residual value referred to in subsection (1), whichever is the less.
124M(3)
Where:
(a)
at any time during the year of income a taxpayer was the owner of a unit of industrial property to whom this Division applies;
(b)
the effective life of the unit in relation to the taxpayer expired before the commencement of the year of income; and
(c)
there was a residual value of the unit in relation to the taxpayer as at the end of the year of income,
124M(4)
Subject to subsection (5), where, during a year of income, the owner of a unit of industrial property ceases to be the owner of the unit, a deduction under this section in respect of the unit is not allowable in his assessment in respect of income of that year of income.
124M(5)
Subsection (4) extends to the case where the owner of the unit of industrial property ceases to be the owner by reason that the property ceases to exist but does not apply:
(a)
where the owner ceases to be the owner of the unit of industrial property by virtue of the transmission of the unit by operation of law; or
(b)
where the unit of industrial property was purchased or otherwise acquired by the owner for a specified period and he ceases to be the owner by reason that the specified period terminates.
124M(6)
A reference in subsection (1) or (3) to the residual value of a unit of industrial property as at the end of a year of income in relation to a taxpayer who was the owner of the unit at any time during that year of income shall, in a case where the taxpayer ceased to be the owner of the unit by virtue of the transmission of the unit by operation of law, be read as a reference to the residual value of the unit in relation to the taxpayer immediately before the time of the transmission of the unit.