Document ID: chunk:federal_register_of_legislation:C2025C00029:section:10:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 10 (pt 3/17)
Character Range: 869608–872172

*fodder storage asset or *fencing asset.
 (2) These things are not the same *depreciating asset for the purposes of section 40‑50 and Subdivision 40‑G:
 (a) a depreciating asset; and
 (b) a repair of a capital nature, or an alteration, addition or extension, to that asset that would, if it were a separate depreciating asset, be a *landcare operation.

40‑55  Use of the "cents per kilometre" car expense deduction method
  You cannot deduct any amount for the decline in value of a *car for an income year if you use the "cents per kilometre" method for the car for that year.
Note: See Subdivision 28‑C for that method.

40‑60  When a depreciating asset starts to decline in value
 (1) A *depreciating asset you *hold starts to decline in value from when its *start time occurs.
 (2) The start time of a *depreciating asset is when you first use it, or have it *installed ready for use, for any purpose.
Note: Previous use by a transition entity is ignored: see section 58‑70.
 (3) However, there is another start time for a *depreciating asset you *hold if a *balancing adjustment event referred to in paragraph 40‑295(1)(b) occurs for the asset and you start to use the asset again. Its second start time is when you start using it again.

40‑65  Choice of methods to work out the decline in value
 (1) You have a choice of 2 methods to work out the decline in value of a *depreciating asset. You must choose to use either the *diminishing value method or the *prime cost method.
Note 1: Once you make the choice for an asset, you cannot change it: see section 40‑130.
Note 2: For the diminishing value method, see sections 40‑70 and 40‑72. For the prime cost method, see section 40‑75.
Note 3: In some cases you do not have to make the choice because you can deduct the asset's cost: see sections 40‑80 and 40‑82.
Note 4: Subdivisions 40‑BA and 40‑BB of the Income Tax (Transitional Provisions) Act 1997 may affect the operation of this section.

Exception: asset acquired from associate
 (2) For a *depreciating asset that you acquire from an *associate of yours where the associate has deducted or can deduct an amount for the asset under this Division, you must use the same method that the associate was using.
Note: You can require the associate to tell you which method the associate was using: see section 40‑140.

Exception: holder changes but user same or associate of former user
 (3) For a *depreciating asset that you acquire from a former *holder of the asset, you must use the same method that the former holder was using for the asset if:
 (a)