Document ID: chunk:federal_register_of_legislation:C2021C00569:clause:1_10
Version: federal_register_of_legislation:C2021C00569
Segment Type: clause
Provision Reference: sch 1 cl 10
Character Range: 17800–18651

10  After section 40‑165
Insert:

40‑167  Exclusions—entities covered by section 40‑157
 (1) For the purposes of subsections 40‑160(2) and 40‑170(1A), an exclusion applies to you and an asset for an income year if any of the exclusions in this section applies in relation to the asset.

Exclusion—intangible assets
 (2) This exclusion applies in relation to the asset if the asset is an intangible asset.

Exclusion—assets previously held by associates
 (3) This exclusion applies in relation to the asset if it had been previously held by an associate of yours.

Exclusion—assets available for use by associates or foreign residents
 (4) This exclusion applies in relation to the asset if the asset is available for use, at any time in the income year, by any of the following:
 (a) an associate of yours;
 (b) an entity that is a foreign resident.