(1) The * capital allowance deductions have been excessive having regard to the amount of the debt that remains unpaid if the amount worked out under subsection (2) exceeds the amount worked out under subsection (4).
(2) This is how to work out the total net * capital allowance deductions:
(3) The reference in step 2 of the method statement in subsection (2) to an amount that is included in the assessable income of a taxpayer as a result of the disposal of the * financed property includes a reference to an amount that is included under section 26AG of the Income Tax Assessment Act 1936 as a result of the disposal of the financed property.
Note: Division 20 deals with amounts included to reverse the effect of past deductions.
(4) This is how to work out the total net capital allowance deductions that would otherwise be allowable taking into account the amount of the debt that is unpaid:
Table of sections
243-40 Amount included in debtor's assessable income
243-45 Deduction for later payments in respect of debt
243-50 Deduction for payments for replacement debt
243-55 Effect of Division on later capital allowance deductions
243-57 Effect of Division on later capital allowance balancing adjustments
243-58 Adjustment where debt only partially used for expenditure