Document ID: chunk:federal_register_of_legislation:C2010C00605:clause:11_73baf
Version: federal_register_of_legislation:C2010C00605
Segment Type: clause
Provision Reference: sch 11 cl 73BAF
Character Range: 146618–147550

73BAF  Preventing double deductions

 (1) This section applies to the head company of a consolidated group or MEC group if, after the tax cost is set for a depreciating asset, the company can deduct an amount (the reduction amount) for expenditure in relation to the asset under section 73B for a year of income.

 (2) The company's deduction for the decline in value of the asset under Division 40 of the Income Tax Assessment Act 1997, and its notional Division 40 deduction under section 73BC of this Act, for the year of income are reduced (but not below nil) by the reduction amount.

 (3) Any part of the reduction amount remaining after that reduction is applied to reduce the company's deductions for the decline in value of the asset under Division 40 of the Income Tax Assessment Act 1997, and its notional Division 40 deduction under section 73BC of this Act, for later years of income.

Income Tax Assessment Act 1997