Document ID: chunk:federal_register_of_legislation:C2025C00029:section:10:p12
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 10 (pt 12/17)
Character Range: 890840–893328

entity is not a *small business entity for the income year; and
 (c) the entity would be a small business entity for the income year if:
 (i) each reference in Subdivision 328‑C (about what is a small business entity) to $10 million were instead a reference to $500 million; and
 (ii) the reference in paragraph 328‑110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection in relation to the asset.
 (4B) An entity is covered by this subsection for an income year in relation to an amount included as mentioned in subsection (3A) if:
 (a) the amount is so included in the period beginning on 12 March 2020 and ending on 31 December 2020; and
 (b) the entity is not a *small business entity for the income year; and
 (c) the entity would be a small business entity for the income year if:
 (i) each reference in Subdivision 328‑C (about what is a small business entity) to $10 million were instead a reference to $500 million; and
 (ii) the reference in paragraph 328‑110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection in relation to the amount.

Assets you start to use, or have installed ready for use, after 30 June 2021
 (5) The decline in value of a *depreciating asset you start to use, or have *installed ready for use, for a *taxable purpose after 30 June 2021 is worked out under the other provisions of this Division.

Amounts included in second element of cost after 31 December 2020
 (6) The effect on the value of a *depreciating asset of an amount included in the second element of the asset's *cost after 31 December 2020 is worked out under the other provisions of this Division.

40‑85  Meaning of adjustable value and opening adjustable value of a depreciating asset
 (1) The adjustable value of a *depreciating asset at a particular time is:
 (a) if you have not yet used it or had it *installed ready for use for any purpose—its *cost; or
 (b) for a time in the income year in which you first use it, or have it installed ready for use, for any purpose—its cost less its decline in value up to that time; or
 (c) for a time in a later income year—the sum of its *opening adjustable value for that year and any amount included in the second element of its cost for that year up to that time, less its decline in value for that year up to that time.
Note: The adjustable value of a depreciating asset may be modified by section 250‑285.
 (2) The opening adjustable value of a