INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-10
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CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE
Division 42
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Depreciation
SECTION 42-365 (ARCHIVE)
What plant is eligible for allocation to a pool?
42-365(1)
In applying paragraph 42-365(b) of the 1997 Act to work out whether you can allocate plant that you acquired or constructed before 27 February 1992 to a pool, use the annual depreciation percentage worked out under the old depreciation provisions rather than the diminishing value rate.
42-365(2)
You cannot allocate plant you acquired before that date and plant you acquired on or after that date to the same pool.
In applying paragraph 42-365(b) of the 1997 Act to work out whether you can allocate plant that you acquired or constructed before 27 February 1992 to a pool, use the annual depreciation percentage worked out under the old depreciation provisions rather than the diminishing value rate.
42-365(2)
You cannot allocate plant you acquired before that date and plant you acquired on or after that date to the same pool.
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