Document ID: chunk:federal_register_of_legislation:C2004A00844:clause:1_10:p2
Version: federal_register_of_legislation:C2004A00844
Segment Type: clause
Provision Reference: sch 1 cl 10 (pt 2/13)
Character Range: 25016–27646

incurred at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999 (the IRU time).

 (4) This Division does not apply to an *IRU over an international telecommunications submarine cable system if the system had been used for telecommunications purposes at or before the IRU time.

Films

 (5) This Division does not apply to a *depreciating asset if you or another taxpayer has deducted or can deduct amounts for it under:
 (a) Division 10BA of Part III of the Income Tax Assessment Act 1936 (about Australian films); or
 (b) Division 10B of Part III of that Act if the depreciating asset relates to a copyright in an Australian film within the meaning of that Division.

40‑50  Assets for which you deduct under another Subdivision

 (1) You cannot deduct an amount for a *depreciating asset under this Subdivision if you or another taxpayer has deducted or can deduct amounts for it under Subdivision 40‑F (about primary production depreciating assets) or 40‑G (about capital expenditure of primary producers and other landholders).

 (2) You cannot deduct an amount for *in‑house software under this Subdivision if you have allocated expenditure on the software to a software development pool under Subdivision 40‑E.

40‑55  Use of certain car methods

  You cannot deduct any amount for the decline in value of a *car for an income year if you use the "cents per kilometre" method, or the "12% of original value" method, for the car for that year.

Note: See Division 28 for those methods.

40‑60  When a depreciating asset starts to decline in value

 (1) A *depreciating asset you *hold starts to decline in value from when its *start time occurs.

 (2) The start time of a *depreciating asset is when you first use it, or have it *installed ready for use, for any purpose.

Note: Previous use by a transition entity is ignored: see section 58‑70.

 (3) However, there is another start time for a *depreciating asset you *hold if a *balancing adjustment event referred to in paragraph 40‑295(1)(b) occurs for the asset and you start to use the asset again. Its second start time is when you start using it again.

40‑65  Choice of methods to work out the decline in value

 (1) You have a choice of 2 methods to work out the decline in value of a *depreciating asset. You must choose to use either the *diminishing value method or the *prime cost method.

Note 1: Once you make the choice for an asset, you cannot change it: see section 40‑130.

Note 2: For the diminishing value method, see section 40‑70. For the prime cost method, see section 40‑75.

Note 3: In some cases you do