Document ID: chunk:federal_register_of_legislation:C2012A00057:clause:2_11
Version: federal_register_of_legislation:C2012A00057
Segment Type: clause
Provision Reference: sch 2 cl 11
Character Range: 10683–11374

11  At the end of section 40‑285
Add:
 (5) Despite subsection (1), an amount included in your assessable income under that subsection is included for the second income year after the income year in which the *balancing adjustment event occurs if:
 (a) the *depreciating asset is a vessel; and
 (b) you have a certificate for the vessel under Part 2 of the Shipping Reform (Tax Incentives) Act 2012 that:
 (i) applies to the day that the balancing adjustment event occurs; and
 (ii) is not a *shipping exempt income certificate.
Note: An amount will not be included in your assessable income in relation to the balancing adjustment event if you choose roll‑over relief under section 40‑362.