Income Tax Assessment Act 1997
View history note
Hide history noteIf:
(a) before the *Timor Sea Maritime Boundaries Treaty entered into force, you *held a *depreciating asset that you used, or had *installed ready for use, for a purpose of undertaking *transitioned petroleum activities; and
(b) you stopped holding the asset when that treaty entered into force, because the asset ceased to exist at that time; and
(c) the cessation occurred in connection with the entry into force of that treaty;
the cessation is taken, for the purposes of this Act, not to be a *balancing adjustment event.
417-30(2)
Section 40-285 does not apply in relation to a *depreciating asset you *held if:
(a) before the *Timor Sea Maritime Boundaries Treaty entered into force, you or another entity used the asset, or you or another entity had it *installed ready for use, for a purpose of undertaking *transitioned petroleum activities; and
(b) on or after the day on which that treaty entered into force, a *balancing adjustment event occurs for the asset.
Note:
The effect of this subsection is to prevent an amount being included in your assessable income, or a deduction arising, because of a balancing adjustment event. The balancing adjustment event still occurs, so the operation of a section such as section 118-24 is unaffected.
417-30(3)
It does not matter, for the purposes of paragraph (2)(a), whether the asset is also used, or *installed ready for use, for a purpose other than the purpose of undertaking *transitioned petroleum activities.
417-30(4)
If, as a result of the *balancing adjustment event mentioned in paragraph (2)(b), another entity *holds the asset, the *cost of the asset to the other entity is taken to be the asset ' s *adjustable value to you just before the balancing adjustment event occurs.
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