Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The * termination value of a * depreciating asset is reduced if the relevant * balancing adjustment event is a * taxable supply. The reduction is an amount equal to the * GST payable on the supply.
(2) However, subsection (1) does not apply if the * termination value of the * depreciating asset is modified under Division 40 to be its * market value.
(3) The * termination value of a * depreciating asset is increased if the entity that * held the asset has a * decreasing adjustment that relates directly or indirectly to that * taxable supply in the income year in which the * balancing adjustment event occurred. The increase is the amount of the decreasing adjustment.
(4) The * termination value of a * depreciating asset is decreased if the entity that * held the asset has an * increasing adjustment that relates directly or indirectly to that * taxable supply in the income year in which the * balancing adjustment event occurred. The decrease is the amount of the increasing adjustment.
(5) An amount is included in the assessable income of the entity that * held the asset if the entity has a * decreasing adjustment that relates directly or indirectly to that * taxable supply in a later income year. The amount included is the amount of the decreasing adjustment.
(6) The entity that * held the asset can deduct an amount if the entity has an * increasing adjustment that relates directly or indirectly to that * taxable supply in a later income year. The amount it can deduct is the amount of the increasing adjustment.