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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 27 - Effect of input tax credits etc. on deductions    View history reference

Subdivision 27-B - Effect of input tax credits etc. on capital allowances    View history reference

SECTION 27-90  Cost or opening adjustable value of depreciating assets increased: increasing adjustments  

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27-90(1)  

This section applies to an entity if:


(a) the entity can deduct amounts for a * depreciating asset under Division 40 or 328 ; and


(b) the entity has an * increasing adjustment in an income year that relates directly or indirectly to the asset.

27-90(1A)  

However, this section does not apply to an * increasing adjustment that arises under Division 129 or 132 of the * GST Act.

Note:

See instead section 27-92 .

27-90(2)  

The asset ' s * cost is increased by an amount equal to the * increasing adjustment if the adjustment arises in the income year in which the asset ' s * start time occurs.

27-90(3)  

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The asset ' s * opening adjustable value for an income year and its * cost is increased by an amount equal to the * increasing adjustment if the adjustment arises in that year and that year is after the one in which the asset ' s * start time occurs.

Exception: pooling

27-90(4)  

This section does not apply to:


(a) a depreciating asset allocated to a low-value pool or a pool under Division 328 for or in the * current year; or


(b) * in-house software if expenditure on the software is allocated to a software development pool for the current year; or


(c) a project pool.


 



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