Document ID: chunk:federal_register_of_legislation:C2004C01190:clause:2_292
Version: federal_register_of_legislation:C2004C01190
Segment Type: clause
Provision Reference: sch 2 cl 292
Character Range: 187326–188114

292  Section 118‑24
Repeal the section, substitute:

118‑24  Depreciating assets

 (1) A *capital gain or *capital loss you make from a *CGT event that is also a *balancing adjustment event that happens to a *depreciating asset is disregarded if the asset was:
 (a) a depreciating asset you *held; or
 (b) if you are a partner, a depreciating asset of the partnership; or
 (c) if you are absolutely entitled to the asset as against the trustee of a trust (disregarding any legal disability), a depreciating asset of the trustee;
where the decline in value of the asset was worked out under Division 40 or Division 328, or would have been if the asset had been used.

 (2) However, subsection (1) does not apply to a *capital gain or *capital loss you make from *CGT event K7 happening.