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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    View history reference

Operative provisions  

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

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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.
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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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