Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 58 - Capital allowances for depreciating assets previously owned by an exempt entity  

Subdivision 58-B - Calculating decline in value of privatised assets under Division 40  

SECTION 58-90   Method and effective life for transition entity  

58-90(1)    
The * transition entity must, in working out the decline in value of a * privatised asset, use the * diminishing value method or the * prime cost method for the asset that it used to work out the * notional written down value, or the * undeducted pre-existing audited book value, of the asset.

58-90(2)    

In working out the decline in value of a * privatised asset held by a * transition entity:

(a) if section 40-102 applied to the asset for the purposes of subsection 58-75(5A) - section 40-102 applies to the asset and applies as if the relevant time for the asset for the purposes of that section were the * transition time; or

(b) if section 40-102 did not apply to the asset for the purposes of subsection 58-75(5A) or section 58-80 - section 40-102 does not apply to the asset.