New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)

Schedule 2   General consequential amendments

Income Tax Assessment Act 1997

257   Section 104-5 (at the end of the table)

Add:

K7 Balancing adjustment occurs for a depreciating asset that you used for purposes other than taxable purposes
[See section 104-235]

When balancing adjustment event occurs

Termination value less cost times fraction

Cost less termination value times fraction


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