Div 40 substituted for Divs 40, 41 and 42 by No 76 of 2001.
Subdiv 40-B substituted by No 76 of 2001.
S 40-35(1) amended by
No 31 of 2009
, s 3 and Sch 1 item 2, by inserting
, effective 22 May 2009.
S 40-35(1) amended by No 133 of 2003.
Buford Corp owns an office block that it leases to 2 companies, Smokey Pty Ltd and Bandit Pty Ltd. Smokey and Bandit decide to install a fountain in front of the building.
They discuss it with Buford who agrees to pay half the cost (because the fountain won't be removable at the end of the lease). Smokey and Bandit split the rest of the cost between them.
Smokey and Bandit would each hold the asset under item 3 of the table in section
and Buford would hold it under item 10. They would be joint holders, so each would write-off its
in the fountain.
S 40-35 inserted by No 76 of 2001.