Treasury Laws Amendment (2018 Measures No. 5) Act 2019 (15 of 2019)

Schedule 1   AMIT technical amendments

Income Tax Assessment Act 1997

3   Paragraphs 104-107A(1)(b) and (c)

Repeal the paragraphs, substitute:

(b) either:

(i) the *cost base of that asset is reduced under subsection 104-107B(2) during the income year; or

(ii) the cost base of that asset is nil at the start of the income year; and

(c) the asset's *AMIT cost base net amount for the income year is the excess mentioned in paragraph 104-107C(a); and

(d) the asset's AMIT cost base net amount for the income year exceeds the cost base of the asset.