Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1992No. 80, 1992 - SECT 8

8. Section 56 of the Principal Act is amended by omitting paragraphs (1)(a)
and (b) and substituting the following paragraphs:   "(a)  the annual
depreciation percentage fixed under section 55 of the depreciated value of
that unit at the beginning of the year of income; or

   (b)  if the taxpayer has elected under subsection (1AA) that this paragraph
        be applied to the unit of property:

        (i)    if the annual depreciation percentage fixed under section 55 is
               less than 100% - the percentage worked out using the following
               formula (rounded to the nearest whole percentage, with 0.5%
               rounded up) of the cost of the unit:
                             Annual       2

                       depreciation   x   -

                         percentage       3
where: 'Annual depreciation percentage' is the annual depreciation percentage
fixed under section 55; or

        (ii)   if the annual depreciation percentage fixed under section 55 is
               100% - 100% of the cost of the unit.".