Income Tax Assessment Act 1997



Division 328 - Small business entities  

Subdivision 328-D - Capital allowances for small business entities  

Operative provisions

SECTION 328-215   Disposal etc. of depreciating assets  

This section sets out adjustments you may have to make if a * balancing adjustment event occurs for a * depreciating asset for which you calculate your deductions under this Subdivision.


If the asset is allocated to your *general small business pool and:

(a) the * closing pool balance of the pool for the income year in which the event occurred is less than zero; or

(b) the amount worked out under subsection 328-210(2) for that income year is less than zero;

the amount by which that balance or amount is less than zero is included in your assessable income for that year.

In that case, the * closing pool balance of the pool for that income year then becomes zero.


If the asset was one for which you deducted an amount under section 328-180 (about assets costing less than $1,000), you include the * taxable purpose proportion of the asset ' s * termination value in your assessable income.


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