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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 43 - Deductions for capital works  

Subdivision 43-H - Balancing deduction on destruction of capital works  

Operative provisions

SECTION 43-250  The amount of the balancing deduction  

 View history reference ITAA 36

Method statement

Step 1. 

Calculate the amount (if any) by which the * undeducted construction expenditure for the part of * your area that was destroyed exceeds the amounts you have received or have a right to receive for the destruction of that part.


Step 2. 

Reduce the amount at Step 1 if one or more of these happened to that part of * your area:

(a) Step 2 or 4 in section 43-210 , or Step 2 or 3 in section 43-215 , applied to you or another person for it;
(b) you were, or another person was, not allowed a deduction for it under this Division;
(c) a deduction for it was not allowed or was reduced (for you or another person) under former Division 10C or 10D of Part III of the Income Tax Assessment Act 1936 .

The reduction under this step must be reasonable.


 



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