Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 2/9)
Character Range: 953041–955647

original asset or assets.

40‑215  Adjustment: double deduction
  Each element of the *cost of a *depreciating asset is reduced by any portion of that element of cost that you have deducted or can deduct, or that has been or will be taken into account in working out an amount you can deduct, other than under this Division, Division 41 or Division 328.
Note: This section does not apply to notional deductions under section 355‑305 or 355‑520 (about R&D) because those provisions are about deducting the asset's decline in value, not its cost.

40‑217  Cost of partial continuations of mining, quarrying or prospecting rights
  If:
 (a) because of subsection 40‑30(6), this Division applies to a *mining, quarrying or prospecting right (the new right) as if it were a continuation of another mining, quarrying or prospecting right you *held; and
 (b) the new right satisfies the condition in subparagraph (b)(ii) of that subsection because it relates to an area that is a part of the area that the other right relates to;
the first element of the cost of the new right is a reasonable proportion of the *adjustable value of other right at the time just before the other right ends.

40‑220  Cost reduced by amounts not of a capital nature
  The *cost of a *depreciating asset is reduced by any portion of it that consists of an amount that is not of a capital nature.

40‑222  Cost reduced by water infrastructure improvement expenditure
  The *cost of a *depreciating asset is reduced by any portion of it that consists of expenditure that you cannot deduct because of section 26‑100.

40‑225  Adjustment: acquiring a car at a discount
 (1) You must increase the first element of the cost of a *car designed mainly for carrying passengers you acquire at a discount if:
 (a) it is reasonable to conclude that any portion (the discount portion) of the discount is referable to you or another entity selling another asset for less than its *market value; and
 (b) you, or another entity, has deducted or can deduct an amount for the other asset for any income year; and
 (c) the sum of the cost of the car and the discount portion exceeds the *car limit for the *financial year in which you first use the car for any purpose.
 (2) The first element of the cost of the *car is increased by the discount portion.
 (3) This section does not apply to a *car that is excluded from the *car limit by subsection 40‑230(2).

40‑230  Adjustment: car limit
 (1) The first element of the cost of a *car designed mainly for carrying passengers (after applying section 40‑225 and Subdivision 27‑B) is reduced to the *car