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
10 After subsection 58-75(5)
Insert:
(5A) Assume that section 40-102 did not apply to a *privatised asset unless all of the following are satisfied:
(a) it is an entity sale situation within the meaning of section 58-5;
(b) a *capped life applies to the asset under subsection 40-102(4) or (5) at both the asset's *start time and the *transition time;
(c) the *transition entity chooses, for the purposes of this section, to have section 40-102 apply to the asset.
If section 40-102 is to be applied to the asset, disregard paragraphs 40-102(2)(a) and (b) and assume that the relevant time for the purposes of the application of that section to the asset were the transition time.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).