Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_12:p6
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 6/7)
Character Range: 275052–277593

to be an amount you have deducted for depreciation of the replacement or other *plant as at the first day of the income year in which the *balancing adjustment event occurred.

Note: Therefore, the amount must be taken into account for the plant under paragraph (a) of the definition of undeducted cost in section 42-175. Also, because the amount is taken to have been deducted as at the first day of the income year, it will reduce the opening undeducted cost of the plant if you are using the diminishing value method.

42-290  Later year relief

 (1) You may exclude an amount that has been included in your assessable income for *plant as a result of a balancing adjustment calculation to the extent that you choose to treat that amount as an amount you have deducted for depreciation of replacement *plant.

 (2) You can only make this choice for the replacement *plant if:
 (a) you acquire it within 2 income years after the end of the income year in which the *balancing adjustment event occurred; and
 (b) at the end of the income year in which you acquired it, you used it, or had it *installed ready for use, wholly for the *purpose of producing assessable income; and
 (c) you can deduct an amount for depreciation of it; and
 (d) you have not made a choice under section 42-285 for the balancing adjustment event.

 (3) The amount covered by the choice is taken to be an amount you have deducted for depreciation of the replacement *plant as at the first day of the income year in which you acquired it.

Note: Therefore, the amount must be taken into account for the plant under paragraph (a) of the definition of undeducted cost in section 42-175. Also, because the amount is taken to have been deducted as at the first day of the income year, it will reduce the opening undeducted cost of the plant if you are using the diminishing value method.

Concessional rate

42-295  Concessional rate

 (1) If this section applies, you may choose to request, in writing, the Commissioner to determine a *notional income under section 42-300 that is less than your taxable income. That notional income must be used for the purposes of any Act that fixes an income tax rate by reference to a notional income.

 (2) This section applies if:
 (a) a *balancing adjustment event causes the cessation of a *business carried on by:
 (i) you; or
 (ii) a partnership of which you are a partner; or
 (iii) the trustee of a trust in which you have a present entitlement to a share of the net income and are not under a legal disability; and
 (b)