Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a * down interest is your * revenue asset, its adjustable value immediately before the * decrease time is the total of the amounts that would be subtracted from the gross disposal proceeds in calculating any profit or loss on disposal of the interest if you disposed of it immediately before the decrease time.
(2) If an * up interest is your * revenue asset and it increases in * market value because of the * direct value shift, its adjustable value immediately before the * increase time is the total of the amounts that would be subtracted from the gross disposal proceeds in calculating any profit or loss on disposal of the interest if you disposed of it immediately before the increase time.
(3) If an * up interest is your * revenue asset and it is issued at a * discount, it is taken to have an adjustable value immediately before it is issued equal to the consideration paid or given by you for the interest.
Note: If an interest has been affected by an earlier direct value shift during the same income year, it will be treated as having already been sold and repurchased (because of an earlier application of section 725 - 320). As a result, the cost on repurchase becomes its adjustable value immediately before the decrease time or increase time for the later direct value shift.