INCOME TAX ASSESSMENT ACT 1997 - SECT 40.60 When a depreciating asset starts to decline in value
INCOME TAX ASSESSMENT ACT 1997 - SECT 40.60
When a depreciating asset starts to decline in value(1) A * depreciating asset you * hold starts to decline in value from when its * start time occurs.
(2) The start time of a * depreciating asset is when you first use it, or have it * installed ready for use, for any purpose.
Note: Previous use by a transition entity is ignored: see section 58 - 70.
(3) However, there is another start time for a * depreciating
asset you * hold if a * balancing adjustment event referred to in paragraph
40 - 295(1)(b) occurs for the asset and you start to use the asset
again. Its second start time is when you start using it again.