Taxation Laws Amendment Act (No. 4) 2002 (53 of 2002)

Schedule 4   Effective life of depreciating assets

Part 1   Amendments

Income Tax Assessment Act 1997

12   At the end of section 58-90

Add:

(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.

Note: The heading to section 58-90 is altered by inserting " and effective life " after " Method ".