Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 27.90

  (1)   This section applies to an entity if:

  (a)   the entity can deduct amounts for a * depreciating asset under Division   40 or 328; and

  (b)   the entity has an * increasing adjustment in an income year that relates directly or indirectly to the asset.

  (1A)   However, this section does not apply to an * increasing adjustment that arises under Division   129 or 132 of the * GST Act.

Note:   See instead section   27 - 92.

  (2)   The asset's * cost is increased by an amount equal to the * increasing adjustment if the adjustment arises in the income year in which the asset's * start time occurs.

  (3)   The asset's * opening adjustable value for an income year and its * cost is increased by an amount equal to the * increasing adjustment if the adjustment arises in that year and that year is after the one in which the asset's * start time occurs.

Exception: pooling

  (4)   This section does not apply to:

  (a)   a depreciating asset allocated to a low - value pool or a pool under Division   328 for or in the * current year; or

  (b)   * in - house software if expenditure on the software is allocated to a software development pool for the current year; or

  (c)   a project pool.