Document ID: chunk:federal_register_of_legislation:C2011C00519:clause:1_1:p6
Version: federal_register_of_legislation:C2011C00519
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 6/20)
Character Range: 21090–23660

starts, the Division 250 assessable amount is less than the alternative assessable amount.

 (2) For the purposes of subsection (1), the Division 250 assessable amount is the sum of the present values of all the amounts that would be likely to be included in your assessable income under this Division in relation to the *tax preferred use of the asset if this Division applied to you and the asset.

 (3) This is how to work out the alternative assessable amount for the purposes of subsection (1):

      Method statement
           Step 1. Add up the present values of the amounts that would be included in your assessable income in relation to the *financial benefits *provided in relation to the tax preferred use of the asset during the *arrangement period if this Division did not apply to you and the asset.
           Step 2. Add up the present values of the amounts that you would be able to deduct in relation to the asset, or expenditure in relation to the asset, under Division 40 or Division 43 in relation to the *arrangement period if this Division did not apply to you and the asset.
           Step 3. Deduct the amount obtained in Step 2 from the amount obtained in Step 1. The result is the alternative assessable amount.
 (4) To avoid doubt, the amounts referred to in subsections (2) and (3) are all the amounts that would be likely to be included in your assessable income, or deducted, for all the income years during the whole, or a part, of which the asset is *put to the tax preferred use.

 (5) The point in time to be used in determining, for the purposes of this section:
 (a) the present value of an amount that is included in your assessable income for an income year; or
 (b) the present value of an amount that you would be able to deduct for an income year;
is the end of the income year.

250‑45  Fifth exclusion—Commissioner determination

  This Division does not apply to you and an asset at a particular time if:
 (a) you request the Commissioner to make a determination under this subsection; and
 (b) the Commissioner determines that it is unreasonable that the Division should apply to you and the asset at that time, having regard to:
 (i) the circumstances because of which this Division would apply to you and the asset; and
 (ii) any other relevant circumstances.

Tax preferred use of asset

250‑50  End user of an asset

 (1) An entity (other than you) is an end user of an asset if the entity (or a *connected entity):
 (a) uses, or effectively controls the use of, the asset; or
 (b) will use, or effectively control