INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION

Division 3 - Deductions

Subdivision A - General

SECTION 62AAK

62AAK CANCELLATION OF ALLOCATION TO POOL - DISPOSAL TO WHICH SECTION 58 APPLIES
If:

(a) property is allocated by a taxpayer to a pool for a year of income; and

(b) the property is disposed of during the year of income; and

(c) section 58 applies to that disposal;

the allocation is cancelled insofar as it applies for that year of income and for subsequent years of income.