Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 43.250

The amount of the balancing deduction

Method statement

Step 1.    Calculate the amount (if any) by which the * undeducted construction expenditure for the part of * your area that was destroyed exceeds the amounts you have received or have a right to receive for the destruction of that part.

Step 2.    Reduce the amount at Step 1 if one or more of these happened to that part of * your area:

               (a)     Step 2 or 4 in section 43- 210, or Step 2 or 3 in section 43- 215, applied to you or another person for it;

              (b)     you were, or another person was, not allowed a deduction for it under this Division;

               (c)     a deduction for it was not allowed or was reduced (for you or another person) under former Division 10C or 10D of Part III of the Income Tax Assessment Act 1936 .

              The reduction under this step must be reasonable.



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