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 ".