INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 62AAR   CANCELLATION OF ALLOCATION OF PROPERTY TO POOL - TAXPAYER MUST USE DIMINISHING VALUE METHOD TO CALCULATE SUBSEQUENT DEPRECIATION  

62AAR(1)   [Diminishing value method must be used]  

If:

(a) the allocation of a unit of property to a pool for a year of income (in this section called the ``current year of income'' ) is cancelled; and

(b) the property is allocated to the pool for the preceding year of income;

then, in calculating the depreciation (if any) allowable to the taxpayer in respect of the property in accordance with subsection 56(1) for the current year of income or a subsequent year of income, this Act has effect as if paragraph 56(1)(b) had not been enacted.

62AAR(2)   [Commercial debt forgiveness]  

Subsection (1) has effect subject to Division 245 of Schedule 2C .