Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe rules that apply to most depreciating assets are in this Subdivision. It explains:
• what a depreciating asset is; and
• when you start deducting amounts for depreciating assets; and
• how to work out your deductions.
It also contains rules for splitting and merging depreciating assets.
Table of sections
Operative provisions
40 - 25 Deducting amounts for depreciating assets
40 - 27 Further reduction of deduction for second - hand assets in residential property
40 - 30 What a depreciating asset is
40 - 35 Jointly held depreciating assets
40 - 40 Meaning of hold a depreciating asset
40 - 42 When mining, quarrying or prospecting rights are used
40 - 45 Assets to which this Division does not apply
40 - 50 Assets for which you deduct under another Subdivision
40 - 53 Alterations etc. to certain depreciating assets
40 - 55 Use of the "cents per kilometre" car expense deduction method
40 - 60 When a depreciating asset starts to decline in value
40 - 65 Choice of methods to work out the decline in value
40 - 70 Diminishing value method
40 - 72 Diminishing value method for post - 9 May 2006 assets
40 - 75 Prime cost method
40 - 80 When you can deduct the asset's cost
40 - 82 Assets costing less than $30,000--medium sized businesses--income years ending between 2 April 2019 and 30 June 2020
40 - 85 Meaning of adjustable value and opening adjustable value of a depreciating asset
40 - 90 Debt forgiveness
40 - 95 Choice of determining effective life
40 - 100 Commissioner's determination of effective life
40 - 102 Capped life of certain depreciating assets
40 - 103 Effective life and remaining effective life of certain vessels
40 - 105 Self - assessing effective life
40 - 110 Recalculating effective life
40 - 115 Splitting a depreciating asset
40 - 120 Replacement spectrum licences
40 - 122 Partial conversions of mining, quarrying or prospecting rights
40 - 125 Merging depreciating assets
40 - 130 Choices
40 - 135 Certain anti - avoidance provisions
40 - 140 Getting tax information from associates