Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 40.445

Balancing adjustment events

             (1)  If a * balancing adjustment event happens to a * depreciating asset in a low-value pool in an income year, the * closing pool balance for that year is reduced (but not below zero) by the taxable use percentage of the asset's * termination value.

             (2)  If the sum of the * termination values, or the part of it, applicable under subsection (1) exceeds the * closing pool balance of the pool for that year, the excess is included in your assessable income.



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