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

History

Pt 2-15 (heading) substituted by No 66 of 2003.

Pt 2-15 inserted by No 121 of 1997.

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

History

Div 58 substituted by No 77 of 2001, inserted by No 93 of 1999.

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

History

Subdiv 58-B substituted by No 77 of 2001.

SECTION 58-85  Pre-existing audited book value of depreciating asset  

 View history reference

58-85(1)  

A *privatised asset has a pre-existing audited book value if:


(a) a balance sheet, as at the end of an annual accounting period (the balance date ), that was prepared as part of the final accounts of the Commonwealth, a State, a Territory or an *exempt entity for that period showed the asset as an asset of the relevant entity and specified a value for it; and
 View history reference


(b) a qualified independent auditor who was engaged, or was required by law, to undertake an audit of those accounts had prepared and signed, before 4 August 1997, a final audit report on those accounts; and


(c) the report did not state that the auditor was not satisfied that the specified value fairly represented the value of the asset.

The asset is taken to have had a pre-existing audited book value at the balance date of an amount equal to the specified value.

History

S 58-85(1) amended by No 78 of 2007 , s 3 and Sch 7 item 13, by substituting para (a), effective 1 July 2005. Para (a) formerly read:


(a) a balance sheet, as at the end of an annual accounting period (the balance date ), that was prepared as part of an *exempt entity's final accounts for that period showed the asset as an asset of the exempt entity and specified a value for it; and

58-85(2)  

If a balance sheet did not specify a value for the asset but specified a total value for 2 or more assets including the asset, the balance sheet is taken to have specified as the value of the asset so much of that total value as is reasonably attributable to the asset.

History

S 58-85 substituted by No 77 of 2001.


 



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