Taxation Laws Amendment Act (No. 3) 2000 (66 of 2000)

Schedule 5   Mining and quarrying: balancing adjustments

Income Tax Assessment Act 1997

1   Section 330-495

Repeal the section, substitute:

330-495 Meaning of written down value

(1) The written down value is the total of your capital expenditure in respect of the property that you have not deducted under Subdivision 330-A, 330-C or 330-H or a corresponding previous law, and cannot so deduct for this income year, but would have been able to deduct under such a provision for this or a future income year had the event that necessitated the balancing adjustment not happened.

Note: If you dispose of part of an interest in property, section 330-500 tells you what the written down value in respect of that part is.

(2) But if the balancing adjustment is required because of subsection 330-480(2), the written down value is the total of your capital expenditure in respect of the property that you could have deducted (apart from the effect of the*excess deduction rules) under any of those provisions for any income year, had the event that necessitated the balancing adjustment not happened.