Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:6_2:p7
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 6 cl 2 (pt 7/10)
Character Range: 596588–599203

attached to a Crown Lease if you were using the prime cost method.

 (3) In working out your undeducted cost, you can apply a different rate to the rate required by subparagraphs (1)(b)(ii) and (1)(c)(ii) of this section and subparagraphs 42-175(b)(ii) and 42-175(c)(ii) of the 1997 Act for an income year for plant you acquired or constructed before 27 February 1992 if subsection (4) applies to you.

 (4) This subsection applies to you if subsection 55(5) or 55(8) of the 1936 Act (as it applied immediately before the commencement of section 1 of the Taxation Laws Amendment Act (No. 2) 1992) applied in working out your rate for the income year in which a depreciation deduction was first allowable to you for the plant or a later income year.

 (5) For an income year in which you did not deduct an amount for depreciation of the plant, that different rate must be one you could have used in calculating the depreciation that would have been an allowable deduction for the plant had you used it for the purpose of producing assessable income.

 (6) For any other income year, that different rate is the rate you used to deduct an amount for depreciation of the plant for that year.

[The next section is section 42-195.]

42-195  Deducting an amount

  For the purpose of applying subsection 42-195(3) of the 1997 Act, you are taken to be the quasi-owner of plant during any period before the commencement of the new depreciation provisions when you were deemed to be its owner by section 54AA of the 1936 Act.

[The next section is section 42-215.]

42-215  Adjustment: car depreciation limit

 (1) This section applies for the purpose of applying section 42-215 of the 1997 Act to a car that you first used for any purpose before
1 July 1997.

 (2) The reference in section 42-215 of the 1997 Act to section 42-80 of that Act includes a reference to section 57AF of the 1936 Act.

 (3) For the component "CDL" in the fraction, use the car depreciation limit applicable under section 57AF of the 1936 Act.

 (4) Unless you first used the car for any purpose in your 1997-98 income year, for the component "original cost" in the fraction, use the component "C" in the formula in subsection 59(6) of the 1936 Act.

42-220  Plant used for research and development

  The references in subsection 42-220(3) of the 1997 Act to Common rule 1 include references to section 58 of the 1936 Act.

[The next section is section 42-235.]

42-235  Balancing adjustments for cars

 (1) References in Subdivision 42-G of the 1997 Act to the "cents per kilometre" method include references to that method under
section