Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 250.180

  (1)   The end value of an asset is worked out in accordance with this section.

  (2)   If the asset has a * guaranteed residual value, the end value of the asset is:

  (a)   the amount of the guaranteed residual amount if subparagraph   250 - 15(d)(i) applies; or

  (b)   so much of the amount referred to in paragraph   (a) as is attributable to the expenditure referred to in subparagraph   250 - 15(d)(ii) if that subparagraph applies.

  (3)   If the asset does not have a * guaranteed residual value and is a * depreciating asset, the end value of the asset is:

  (a)   if subparagraph   250 - 15(d)(i) applies--the amount that would have been the * adjustable value of the asset at the end of the * arrangement period if:

  (i)   this Division had not applied to you and the asset; and

  (ii)   the decline in the asset's value were worked out on the basis of the asset's * effective life and using the * prime cost method; or

  (b)   if subparagraph   250 - 15(d)(ii) applies--so much of the amount referred to in paragraph   (a) as is attributable to the expenditure referred to in that subparagraph.

  (4)   Disregard section   40 - 102 in working out the asset's * effective life for the purposes of subparagraph   (3)(a)(ii).

  (5)   If neither subsection   (2) nor subsection   (3) applies and an estimate of the value of the asset is recognised for accounting purposes, the end value of the asset is:

  (a)   the value of the relevant asset at the end of the * arrangement period that would be recognised for accounting purposes if subparagraph   250 - 15(d)(i) applies; or

  (b)   so much of the value of referred to in paragraph   (a) as is attributable to the expenditure referred to subparagraph   250 - 15(d)(ii) if that subparagraph applies.

The end value must not, however, exceed the amount worked out under subsections   250 - 155(4) and (5) (amount taken to have been lent).

  (6)   If none of subsections   (2), (3) and (5) apply to the asset, the end value of the asset is:

  (a)   a reasonable estimate of the * market value of the asset at the end of the * arrangement period if subparagraph   250 - 15(d)(i) applies; or

  (b)   so much of the estimate referred to in paragraph   (a) as is attributable to the expenditure referred to in subparagraph   250 - 15(d)(ii) if that subparagraph applies.

The end value must not, however, exceed the amount worked out under subsections   250 - 155(4) and (5) (amount taken to have been lent).