Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 27.90

Cost or opening adjustable value of depreciating assets increased: increasing adjustments

             (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.



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