Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.85

  (1)   The adjustable value of a * depreciating asset at a particular time is:

  (a)   if you have not yet used it or had it * installed ready for use for any purpose--its * cost; or

  (b)   for a time in the income year in which you first use it, or have it installed ready for use, for any purpose--its cost less its decline in value up to that time; or

  (c)   for a time in a later income year--the sum of its * opening adjustable value for that year and any amount included in the second element of its cost for that year up to that time, less its decline in value for that year up to that time.

Note:   The adjustable value of a depreciating asset may be modified by section   250 - 285.

  (2)   The opening adjustable value of a * depreciating asset for an income year is its * adjustable value to you at the end of the previous income year.

Note:   The opening adjustable value of a depreciating asset may be modified by one of these provisions:

(a)   Subdivision   27 - B;

(b)   subsection   40 - 90(3);

(c)   subsection   40 - 285(4);

(d)   paragraph   40 - 365(5)(b);

(e)   section   775 - 70;

(f)   section   775 - 75;

(g)   section   355 - 605 of the Income Tax (Transitional Provisions) Act 1997.