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INCOME TAX ASSESSMENT ACT 1997 - SECT 250.290

Balancing adjustment under Subdivision 40-D in some circumstances

             (1)  This section applies if:

                     (a)  this Division applies to you and an asset; and

                     (b)  the * arrangement period for the * tax preferred use of the asset ends because a particular event happens; and

                     (c)  the event would have been a * balancing adjustment event for the asset for the purposes of Subdivision 40-D if this Division had not applied to you and the asset when the event happened.

             (2)  A balancing adjustment is made under Subdivision 40-D as if:

                     (a)  the event were a * balancing adjustment event for the asset; and

                     (b)  the * adjustable value of the asset, just before the event happened, were the adjustable value worked out under subsection 250-285(1); and

                     (c)  sections 40-290, 40-291, 40-292 and 40-293 did not apply.

Table of sections

250-295    Objections against determinations and decisions by the Commissioner



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