Income Tax Assessment Act 1997
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Hide history noteSECTION 715-145 Effect of choice on adjustable value of leaving asset 715-145(1)
This section has effect for the purposes of determining the consequences of a choice under any of sections 715-100 , 715-105 , 715-125 , 715-130 and 715-185 (the choice provisions ) for a leaving asset.
715-145(2)
The asset ' s adjustable value at the time (the test time ) just before the leaving time is worked out under this table. (If the asset is covered by 2 or more items, there are consequences for it under the choice provisions and this section in respect of each of the items.)
| Adjustable value at the test time | ||
| Item | If: | Its adjustable value is: |
| 1 | the asset is a *CGT asset | its *reduced cost base |
| 2 | the asset is an item of *trading stock of the *head company at the test time, and became part of the *head company ' s trading stock in the income year (the test year ) in which the test time occurs | its *cost |
| 3 | the asset is an item of *trading stock of the *head company at the test time, item 2 does not apply, and at the end of the last income year before the test year, the item was *valued at its *cost | its *cost |
| 4 | the asset is an item of *trading stock of the *head company at the test time and neither of items 2 and 3 applies | its *value as trading stock of the head company on hand at the start of the income year in which the test time occurs |
| 5 | the asset is a *depreciating asset | worked out under section 40-85 |
| 6 | the asset is a *revenue asset | the total of the amounts that would be subtracted from the gross disposal proceeds in calculating any profit or loss on disposal of the asset by the head company |
715-145(3)
If any of the choice provisions reduces at the test time the asset ' s * adjustable value, the thing identified for the asset under the table in subsection (2) of this section is reduced by the same amount.
715-145(4)
Subsection (3) has effect for the purposes of working out under section 711-30 the * head company ' s * terminating value for the asset at the leaving time.
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