New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)
Schedule 2 General consequential amendments
Income Tax Assessment Act 1997
262 Section 108-60
Repeal the section, substitute:
108-60 Depreciating asset that is part of a building is a separate asset
A *depreciating asset that is part of a building or structure is taken to be a separate *CGT asset from the building or structure.
Example: You own a factory from which you carry on a business. You install rest rooms for your employees. The plumbing fixtures and fittings are depreciating assets. These are taken to be a separate CGT asset from the factory.
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