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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 58-90  Method and effective life for transition entity  

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58-90(1)  

The *transition entity must, in working out the decline in value of a *privatised asset, use the *diminishing value method or the *prime cost method for the asset that it used to work out the *notional written down value, or the *undeducted pre-existing audited book value, of the asset.

58-90(2)  

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In working out the decline in value of a *privatised asset held by a *transition entity:


(a) if section 40-102 applied to the asset for the purposes of subsection 58-75(5A) - section 40-102 applies to the asset and applies as if the relevant time for the asset for the purposes of that section were the *transition time; or


(b) if section 40-102 did not apply to the asset for the purposes of subsection 58-75(5A) or section 58-80 - section 40-102 does not apply to the asset.


 



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