Document ID: chunk:federal_register_of_legislation:C2024C00267:section:2:p1
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 2 (pt 1/3)
Character Range: 223608–226580

2                                     The entity chooses, under section 58‑155, that depreciation deductions and balancing adjustments are to be calculated by reference to the undeducted pre‑existing audited book value of plant  (a) section 45‑5 has effect as if paragraph 45‑5(2)(b) were omitted and replaced by paragraph 58‑270(3)(a); and
                                                                                                                                                                                                                                     (b) section 45‑10 has effect as if paragraph 45‑10(2)(b) operated on that part of the amount worked out under paragraph 58‑270(3)(a) that has been or would be reflected in the entity's interest in the partnership net income or partnership loss if that amount were an amount deducted for depreciation of the plant.

 (3) The entities are:
 (a) an exempt entity; or
 (b) the trustee of a complying superannuation fund; or
 (c) the trustee of a complying approved deposit fund; or
 (d) the trustee of a pooled superannuation trust; or
 (e) an entity that is not an Australian resident; or
 (f) an entity that is a State/Territory body for the purposes of Division 1AB of Part III of the Income Tax Assessment Act 1936 and whose income is exempt under that Division.

Apportionment
 (4) If the entity concerned disposed of an interest in the plant rather than the plant (for a paragraph 45‑5(2)(b) case), instead of the amount worked out under the table in subsection (1) or (2), the entity uses so much of that amount as is attributable to that interest.
 (5) If the entity concerned disposed of part of its interest in the plant rather than all of it (for a paragraph 45‑10(2)(b) case), instead of the amount worked out under the table in subsection (1) or (2), the entity uses so much of that amount as is attributable to that part of that interest.

Part 2‑15—Non‑assessable income

Division 50—Exempt entities

Table of sections
50‑1 Application of Division 50 of the Income Tax Assessment Act 1997
50‑50 Charities established prior to 1 July 1997

50‑1  Application of Division 50 of the Income Tax Assessment Act 1997
  Division 50 of the Income Tax Assessment Act 1997 applies to assessments for the 1997‑98 income year and later income years.

50‑50  Charities established prior to 1 July 1997
  Disregard the use of the following amounts in determining (for the purposes of Subdivision 50‑A of the Income Tax Assessment Act 1997 whether a fund established before 1 July 1997 operates and pursues its purposes in Australia:
 (a) an amount received by the entity before 1 July 1997;
 (b) an amount derived from an amount mentioned in paragraph (a) or this paragraph.

Division 51—Exempt amounts

Table of sections
51‑1 Application of Division 51 of the Income Tax Assessment Act 1997

51‑1  Application of Division 51 of the Income Tax Assessment Act 1997
  Division 51 of the Income Tax Assessment