INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 62AAM   RECONSTRUCTION ASSUMPTIONS AND RECONSTRUCTED DEPRECIATED VALUE  

62AAM(1A)   [Commercial debt forgiveness]  

This section has effect subject to Division 245 of Schedule 2C .

62AAM(1)   [Reconstruction assumptions]  

If property is allocated by a taxpayer to a pool for a year of income, the reconstruction assumptions applicable to the property for the year of income are as follows:

(a) the assumption that the property had not been allocated to the pool for the year of income;

(b) the assumption that the depreciation allowable to the taxpayer in relation to the year of income in respect of the property had been calculated in accordance with paragraph 56(1)(a) ;

(c) the assumption that the percentage specified in that paragraph was equal to the pool percentage for the pool.

62AAM(2)   [Reconstructed depreciated value]  

The reconstructed depreciated value of property allocated to a pool for a year of income is the amount that would have been the depreciated value of the property if the reconstruction assumptions had applied to the property for each year of income for which the property was allocated to the pool.