Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p16
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 16/32)
Character Range: 1421353–1424070

the purposes of this section.
 (7) Assume also that section 40‑110 (about recalculating effective life) did not apply.

58‑85  Pre‑existing audited book value of depreciating asset
 (1) A *privatised asset has a pre‑existing audited book value if:
 (a) a balance sheet, as at the end of an annual accounting period (the balance date), that was prepared as part of the final accounts of the Commonwealth, a State, a Territory or an *exempt entity for that period showed the asset as an asset of the relevant entity and specified a value for it; and
 (b) a qualified independent auditor who was engaged, or was required by law, to undertake an audit of those accounts had prepared and signed, before 4 August 1997, a final audit report on those accounts; and
 (c) the report did not state that the auditor was not satisfied that the specified value fairly represented the value of the asset.
The asset is taken to have had a pre‑existing audited book value at the balance date of an amount equal to the specified value.
 (2) If a balance sheet did not specify a value for the asset but specified a total value for 2 or more assets including the asset, the balance sheet is taken to have specified as the value of the asset so much of that total value as is reasonably attributable to the asset.

58‑90  Method and effective life for transition entity
 (1) The *transition entity must, in working out the decline in value of a *privatised asset, use the *diminishing value method or the *prime cost method for the asset that it used to work out the *notional written down value, or the *undeducted pre‑existing audited book value, of the asset.
 (2) In working out the decline in value of a *privatised asset held by a *transition entity:
 (a) if section 40‑102 applied to the asset for the purposes of subsection 58‑75(5A)—section 40‑102 applies to the asset and applies as if the relevant time for the asset for the purposes of that section were the *transition time; or
 (b) if section 40‑102 did not apply to the asset for the purposes of subsection 58‑75(5A) or section 58‑80—section 40‑102 does not apply to the asset.

Division 59—Particular amounts of non‑assessable non‑exempt income

Guide to Division 59

59‑1  What this Division is about
      This Division details particular amounts that are non‑assessable non‑exempt income.

Table of sections

Operative provisions
59‑10 Compensation under firearms surrender arrangements
59‑15 Mining payments
59‑20 Taxable amounts relating to franchise fees windfall tax
59‑25 Taxable amounts relating to Commonwealth places windfall tax
59‑30 Amounts you must repay
59‑35 Amounts that would be mutual receipts but for prohibition on distributions to members or issue