Private ruling: Availability of deduction for loss of the acquisition cost of an asset
Published: August 2017
Ruling period: 1 July 2016 - 30 June 2017
Date scheme commenced: 12 November 2012

Ruling: Q1: Is the Entity allowed to claim a deduction for a loss under section 8-1 of the Income Tax Assessment Act 1997 (ITAA 1997) in the income year ending 30 June 2017 for the full acquisition cost of an asset? | A1: Yes

Relevant facts and circumstances: Based on the facts applicable to the Entity, its particular business and the details of the asset, a deduction under section 8-1 is allowable.


Reasons for decision: Summary: Based on the facts applicable to the Entity, its particular business and the details of the asset, a deduction under section 8-1 is allowable.