Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 27 - Effect of input tax credits etc. on deductions  

Subdivision 27-B - Effect of input tax credits etc. on capital allowances  

SECTION 27-87   Certain decreasing adjustments included in assessable income  

27-87(1)    
This section applies to an entity if:

(a) the entity can deduct amounts for a ^* depreciating asset under Division 40 or 328 ; and

(b) the entity has a ^* decreasing adjustment that arises under Division 129 or 132 of the ^* GST Act in an income year that relates directly or indirectly to the asset; and

(c) section 27-95 does not apply to the entity in relation to the asset.

27-87(2)    
The amount of the ^* decreasing adjustment is included in the entity ' s assessable income for the income year unless the entity is an ^* exempt entity.