Taxation Laws Amendment Act (No. 5) 2002 (119 of 2002)
Schedule 3 Capital allowances
Income Tax Assessment Act 1997
22 Subsection 40-75(4)
Repeal the subsection, substitute:
(4) The remaining effective life of a *depreciating asset is any period of its *effective life that is yet to elapse as at:
(a) the start of the change year; or
(b) in the case of a roll-over under section 40-340 - the time when the *balancing adjustment event occurs for the transferor.
Note: Effective life is worked out in years and fractions of years.
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).