Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)
Schedule 3 Depreciation of plant previously owned by an exempt entity
Part 1 Income Tax Assessment Act 1997
10 Paragraph 110-60(1)(a)
Repeal the paragraph, substitute:
(a) any amounts worked out under whichever of the following subparagraphs applies:
(i) if Division 58 does not apply to the asset - any amount included in the assessable income of the partnership for any income year because of a balancing adjustment for the asset;
(ii) if Division 58 applies to the asset and an amount has been included in the assessable income of the partnership for an income year because of a balancing adjustment for the asset - any part of that amount that was attributable to amounts that the partnership has deducted or can deduct for depreciation of the asset; and