Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

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

Division 45 - Disposal of leases and leased plant  

Operative provisions  

SECTION 45-35   Limit on amount included for plant for which there is a CGT exemption  

45-35(1)  
For * plant to which subsection 45-30(3) applies there is a limit on the amount that can be included in your assessable income under subsection 45-5(2) or 45-10(2) .

45-35(2)  
The limit for subsection 45-5(2) is the lesser of:


(a) the excess referred to in paragraph 45-5(1)(e) ; and


(b) the amounts you have deducted or can deduct for the decline in value of the * plant or, if you disposed of an interest in the plant, so much of those amounts as is attributable to that interest.

45-35(3)  
The limit for subsection 45-10(2) is the lesser of:


(a) the excess referred to in paragraph 45-10(1)(f) ; and


(b) that part of the amounts the partnership has deducted or can deduct for the decline in value of the * plant that has been or would be reflected in your interest in the partnership net income or partnership loss (your partnership amount ) or, if you disposed of part of your interest in the plant, so much of your partnership amount as is attributable to that part of that interest.


 

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