INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 60   ACQUISITION OF DEPRECIATED PROPERTY  

60(1)   [Depreciation allowable to purchaser]  

Where, either before or after the commencement of this Act, a person has acquired any property in respect of which depreciation has been allowed or is allowable under this or the previous Act, he shall not be entitled to any greater deduction for depreciation than that which would have been allowed to the person from whom the property was acquired if that person had retained it:

60(1A)   [Balancing charge deemed assessable income]  

For the purposes of subsection (1), an amount that would, but for subsection 59(2A) or (2D) , be included in the assessable income of the person selling the property shall be deemed to have been so included.

60(2)   [Commissioner's discretion]  

This section does not apply where the Commissioner is of the opinion that the circumstances are such that depreciation in respect of the property should be calculated without regard to this section.