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TAXATION LAWS AMENDMENT ACT (NO. 3) 2000 NO. 66, 2000 - SCHEDULE 5
- Mining and quarrying: balancing adjustments
Income Tax Assessment Act 1997
1 Section 330-495
Repeal the section,
substitute: 330-495 Meaning of written down value
- (1)
- The written down
value is the total of your capital expenditure in respect of the property that
you have not deducted under Subdivision 330-A, 330-C or 330-H or a
corresponding previous law, and cannot so deduct for this income year, but
would have been able to deduct under such a provision for this or a future
income year had the event that necessitated the balancing adjustment not
happened.
- Note: If you dispose of part of an interest in property, section 330-500 tells
you what the written down value in respect of that part is.
- (2)
- But if the balancing adjustment is required because of subsection
330-480(2), the written down value is the total of your capital expenditure in
respect of the property that you could have deducted (apart from the effect of
the * excess deduction rules) under any of those provisions for any income
year, had the event that necessitated the balancing adjustment not happened.
2 Application of amendment
The amendment made by this Schedule applies to a
balancing adjustment if the event that necessitates the adjustment happens
after 4.00 pm, by legal time in the Australian Capital Territory, on 3
December 1998.
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