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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.

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