Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 330.485

(1) You make the adjustment by comparing:
. the property's *termination value; with:
. the property's *written down value. Note 1: If there has been an earlier
disposal of the property in circumstances where roll-over relief was available
under Common rule 1, the balancing adjustment is affected in 2 ways: see
subsections 41- 40(2) and (3) (which are about modifying the balancing
adjustment). Note 2: If there has been an earlier disposal of the property in
circumstances where roll-over relief was available under any of the roll-over
provisions in the Income Tax Assessment Act 1936, the balancing adjustment is
affected in 2 ways: see section 330-65 of the
Income Tax (Transitional Provisions) Act 1997.

(2) If the *termination value exceeds the *written down value, you include the
amount of the excess in your assessable income. However, the amount included
cannot exceed the sum of the amounts covered by paragraph 330-480(1)(a) (your
deductions).

(3) If the *termination value is less than the *written down value, you deduct
the difference.