Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The rules in section 35 - 10 do not apply to a * business activity for an income year if the total * reduced cost bases of real property or interests in real property used on a continuing basis in carrying on the activity in that year is at least $500,000.
(2) You may use the * market value of the real property or interest if that value is more than its * reduced cost base.
(3) The * reduced cost base or * market value is worked out:
(a) as at the end of the income year; or
(b) if you stopped carrying on the * business activity during the year:
(i) as at the time you stopped; or
(ii) if you disposed of the asset before that time in the course of stopping carrying on the activity--as at the time you disposed of it.
(4) However, these assets are not counted for this test:
(a) a * dwelling, and any adjacent land used in association with the dwelling, that is used mainly for private purposes;
(b) fixtures owned by you as a tenant.