INCOME TAX ASSESSMENT ACT 1997 - SECT 58.90 Method and effective life for transition entity

INCOME TAX ASSESSMENT ACT 1997 - SECT 58.90

  (1)   The * transition entity must, in working out the decline in value of a * privatised asset, use the * diminishing value method or the * prime cost method for the asset that it used to work out the * notional written down value, or the * undeducted pre - existing audited book value, of the asset.

  (2)   In working out the decline in value of a * privatised asset held by a * transition entity:

  (a)   if section   40 - 102 applied to the asset for the purposes of subsection   58 - 75(5A)--section   40 - 102 applies to the asset and applies as if the relevant time for the asset for the purposes of that section were the * transition time; or

  (b)   if section   40 - 102 did not apply to the asset for the purposes of subsection   58 - 75(5A) or section   58 - 80--section   40 - 102 does not apply to the asset.