Document ID: chunk:federal_register_of_legislation:C2004C01190:clause:2_261
Version: federal_register_of_legislation:C2004C01190
Segment Type: clause
Provision Reference: sch 2 cl 261
Character Range: 179657–180334

261  Subsection 108‑55(1)
Repeal the subsection, substitute:

 (1) A building or structure on land that you *acquired on or after 20 September 1985 is taken to be a separate *CGT asset from the land if one of these balancing adjustment provisions applies to the building or structure (whether or not there is a balancing adjustment):
 (a) for *depreciating assets—Subdivision 40‑D; or
 (b) for research and development—section 73B of the Income Tax Assessment Act 1936.

Example: You construct a timber mill building on land you own. The building is subject to a balancing adjustment on its disposal, loss or destruction. It is taken to be a separate CGT asset from the land.