Where, either before or after the commencement of this Act, a person has acquired any property in respect of which depreciation has been allowed or is allowable under this or the previous Act, he shall not be entitled to any greater deduction for depreciation than that which would have been allowed to the person from whom the property was acquired if that person had retained it:
Provided that, where under section
an amount is included in the assessable income of the person selling the property, the person acquiring the property shall be allowed depreciation calculated on the sum of that amount and the depreciated value of the property under this Act immediately prior to the time of the sale.
S 60(1) amended by No 51 of 1973, No 4 of 1945 and No 3 of 1944.
60(1A)[Balancing charge deemed assessable income]
For the purposes of subsection (1), an amount that would, but for subsection
59(2A) or (2D)
, be included in the assessable income of the person selling the property shall be deemed to have been so included.