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INCOME TAX ASSESSMENT ACT 1997 - SECT 27.87 Certain decreasing adjustments included in assessable income

INCOME TAX ASSESSMENT ACT 1997 - SECT 27.87

Certain decreasing adjustments included in assessable income

  (1)   This section applies to an entity if:

  (a)   the entity can deduct amounts for a * depreciating asset under Division   40 or 328; and

  (b)   the entity has a * decreasing adjustment that arises under Division   129 or 132 of the * GST Act in an income year that relates directly or indirectly to the asset; and

  (c)   section   27 - 95 does not apply to the entity in relation to the asset.

  (2)   The amount of the * decreasing adjustment is included in the entity's assessable income for the income year unless the entity is an * exempt entity.

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