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