INCOME TAX ASSESSMENT ACT 1997 - SECT 715.145 Effect of choice on adjustable value of leaving asset
INCOME TAX ASSESSMENT ACT 1997 - SECT 715.145
Effect of choice on adjustable value of leaving asset(1) This section has effect for the purposes of determining the consequences of a choice under any of sections 715 - 100, 715 - 105, 715 - 125, 715 - 130 and 715 - 185 (the choice provisions ) for a leaving asset.
(2) The asset's adjustable value at the time (the test time ) just before the leaving time is worked out under this table. (If the asset is covered by 2 or more items, there are consequences for it under the choice provisions and this section in respect of each of the items.)
Item | If: | Its adjustable value is: |
1 | the asset is a * CGT asset | its * reduced cost base |
2 | the asset is an item of * trading stock of the * head company at the test time, and became part of the * head company's trading stock in the income year (the test year ) in which the test time occurs | its * cost |
3 | the asset is an item of * trading stock of the * head company at the test time, item 2 does not apply, and at the end of the last income year before the test year, the item was * valued at its * cost | its * cost |
4 | the asset is an item of * trading stock of the * head company at the test time and neither of items 2 and 3 applies | its * value as trading stock of the head company on hand at the start of the income year in which the test time occurs |
5 | the asset is a * depreciating asset | |
6 | the asset is a * revenue asset | the total of the amounts that would be subtracted from the gross disposal proceeds in calculating any profit or loss on disposal of the asset by the head company |
(3) If any of the choice provisions reduces at the test time the asset's * adjustable value, the thing identified for the asset under the table in subsection (2) of this section is reduced by the same amount.
(4) Subsection (3) has effect for the purposes of working
out under section 711 - 30 the * head company's * terminating value
for the asset at the leaving time.