A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME    View history reference

Division 58 - Capital allowances for depreciating assets previously owned by an exempt entity    View history reference

Subdivision 58-B - Calculating decline in value of privatised assets under Division 40    View history reference

SECTION 58-65  Choice of method to work out cost of privatised asset  

 View history reference

58-65(1)  

The *transition entity or the purchaser has a choice to work out the first element of the *cost of each *privatised asset.

58-65(2)  

The choice is to use either:


(a) the *notional written down value of the asset; or


(b) the *undeducted pre-existing audited book value (if any) of the asset.

58-65(3)  

The choice must be made:


(a) for the *transition entity - by the day on which the transition entity lodges its *income tax return for the *transition year; or
 View history reference


(b) for the purchaser - by the day on which the purchaser lodges the purchaser's income tax return for the *acquisition year;

or within a further period allowed by the Commissioner.

58-65(4)  

The choice, once made, cannot be changed.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page