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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 40 - Capital allowances    View history reference

Subdivision 40-B - Core provisions    View history reference

Operative provisions

SECTION 40-60  When a depreciating asset starts to decline in value  

 View history reference ITAA 36

40-60(1)  

A *depreciating asset you *hold starts to decline in value from when its *start time occurs.

40-60(2)  

The start time of a *depreciating asset is when you first use it, or have it *installed ready for use, for any purpose.

Note:

Previous use by a transition entity is ignored: see section 58-70.

40-60(3)  

However, there is another start time for a *depreciating asset you *hold if a *balancing adjustment event referred to in paragraph 40-295(1)(b) occurs for the asset and you start to use the asset again. Its second start time is when you start using it again.


 



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