INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 62AAP   CALCULATION OF DEPRECIATION - POOLED PROPERTY  

62AAP(1A)   [Commercial debt forgiveness]  

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

62AAP(1)   [Formula]  

The total depreciation allowable to a taxpayer under this Act in relation to a year of income in respect of all the units of property allocated to a pool for the year of income is worked out using the formula:

1.5   ×   Pool percentage   ×   Opening balance

where:

``Pool percentage'' means the pool percentage for the pool;

``Opening balance'' means the opening balance of the pool for the year of income.

62AAP(2)   [Application]  

This section applies in spite of section 56 .