Document ID: chunk:federal_register_of_legislation:C2004C01190:clause:2_216:p3
Version: federal_register_of_legislation:C2004C01190
Segment Type: clause
Provision Reference: sch 2 cl 216 (pt 3/8)
Character Range: 139099–141780

the entity's assessable income unless the entity is an *exempt entity.

Exception: pooling

 (5) This section does not apply to:
 (a) a depreciating asset allocated to a low‑value pool or a pool under Division 328 for or in the *current year; or
 (b) *in‑house software if expenditure on the software is allocated to a software development pool for the current year; or
 (c) a project pool.

27‑87  Certain decreasing adjustments included in assessable income

 (1) This section applies to an entity if:
 (a) the entity can deduct amounts for a *depreciating asset under Division 40 or 328; and
 (b) the entity has a *decreasing adjustment that arises under Division 129 or 132 of the *GST Act in an income year that relates directly or indirectly to the asset.

 (2) The amount of the *decreasing adjustment is included in the entity's assessable income for the income year unless the entity is an *exempt entity.

27‑90  Cost or opening adjustable value of depreciating assets increased: increasing adjustments

 (1) This section applies to an entity if:
 (a) the entity can deduct amounts for a *depreciating asset under Division 40 or 328; and
 (b) the entity has an *increasing adjustment in an income year that relates directly or indirectly to the asset.

 (1A) However, this section does not apply to an *increasing adjustment that arises under Division 129 or 132 of the *GST Act.

Note: See instead section 27‑92.

 (2) The asset's *cost is increased by an amount equal to the *increasing adjustment if the adjustment arises in the income year in which the asset's *start time occurs.

 (3) The asset's *opening adjustable value for an income year is increased by an amount equal to the *increasing adjustment if the adjustment arises in that year and that year is after the one in which the asset's *start time occurs.

Exception: pooling

 (4) This section does not apply to:
 (a) a depreciating asset allocated to a low‑value pool or a pool under Division 328 for or in the *current year; or
 (b) *in‑house software if expenditure on the software is allocated to a software development pool for the current year; or
 (c) a project pool.

27‑92  Certain increasing adjustments can be deducted

 (1) This section applies to an entity if:
 (a) the entity can deduct amounts for a *depreciating asset under Division 40 or 328; and
 (b) the entity has an *increasing adjustment that arises under Division 129 or 132 of the *GST Act in an income year that relates directly or indirectly to the asset.

 (2) The entity can deduct the amount of the *increasing adjustment for the income year.

 (3) However, the entity cannot deduct the amount to the extent (if any) that