Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p41
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 41/50)
Character Range: 178130–180849

Subdivision cannot apply to work out the decline in value of the asset for a later income year.

40‑190  Choice to not apply this Subdivision to an asset for an income year
 (1) You may choose that the decline in value of a particular depreciating asset for an income year is not to be worked out under this Subdivision.
 (2) The choice must be in the approved form.
 (3) The choice cannot be revoked.
 (4) You must give the choice to the Commissioner by the day you lodge your income tax return for the income year to which the choice relates.
Note: The Commissioner may defer the time for giving the choice: see section 388‑55 in Schedule 1 to the Taxation Administration Act 1953.

Subdivision 40‑C—Cost

Table of sections
40‑230 Car limit

40‑230  Car limit
 (1) Division 40 of the new Act applies as if references in that Division to the car limit included references to:
 (a) the car depreciation limit under Division 42 of the former Act; and
 (b) the motor vehicle depreciation limit under former section 57AF of the Income Tax Assessment Act 1936.
 (2) If you:
 (a) have a substituted accounting period; and
 (b) start to hold a car in your 2001‑02 income year but before 1 July 2001;
you must use as the car limit the car depreciation limit under section 42‑80 of the former Act for the 2000‑01 financial year.

Subdivision 40‑D—Balancing adjustments

Table of sections
40‑285 Balancing adjustments
40‑287 Disposal of pre‑1 July 2001 mining depreciating asset to associate
40‑288 Disposal of pre‑1 July 2001 mining non‑depreciating asset to associate
40‑289 Surrendered firearms
40‑290 Reduction of deductions under former Act etc.
40‑292 Balancing adjustment—assets used for both general tax purposes and R&D activities
40‑293 Balancing adjustment—partnership assets used for both general tax purposes and R&D activities
40‑295 Later year relief
40‑340 Roll‑overs
40‑345 Balancing adjustments for depreciating assets that retain CGT indexation
40‑365 Involuntary disposals

40‑285  Balancing adjustments
 (1) Paragraphs 40‑285(1)(a) and (2)(a) of the new Act have effect in relation to a depreciating asset that you held at 1 July 2001 as if amounts you have deducted or can deduct for the asset under the former Act or the Income Tax Assessment Act 1936 were part of the asset's decline in value under Division 40.
 (2) You are entitled to a further deduction under subsection (3) if:
 (a) you are entitled to a deduction under subsection 40‑285(2) of the new Act for a balancing adjustment event happening to a depreciating asset:
 (i) to which Division 58 of the former Act applied; or
 (ii) to which former section 61A of the Income Tax Assessment Act 1936 applied, or for which the transition time under