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INCOME TAX ASSESSMENT ACT 1997 - SECT 45.35

Limit on amount included for plant for which there is a CGT exemption

  (1)   For * plant to which subsection   45 - 30(3) applies there is a limit on the amount that can be included in your assessable income under subsection   45 - 5(2) or 45 - 10(2).

  (2)   The limit for subsection   45 - 5(2) is the lesser of:

  (a)   the excess referred to in paragraph   45 - 5(1)(e); and

  (b)   the amounts you have deducted or can deduct for the decline in value of the * plant or, if you disposed of an interest in the plant, so much of those amounts as is attributable to that interest.

  (3)   The limit for subsection   45 - 10(2) is the lesser of:

  (a)   the excess referred to in paragraph   45 - 10(1)(f); and

  (b)   that part of the amounts the partnership has deducted or can deduct for the decline in value of the * plant that has been or would be reflected in your interest in the partnership net income or partnership loss (your partnership amount ) or, if you disposed of part of your interest in the plant, so much of your partnership amount as is attributable to that part of that interest.


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