Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:6_2:p5
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 6 cl 2 (pt 5/10)
Character Range: 591867–594521

in subsection 42-90(1) of the 1997 Act to an amount that has been deducted or can be deducted for depreciation of plant includes a reference to an amount that has been deducted or can be deducted for it under the old depreciation provisions.

 (2) The reference in subsection 42-90(2) of the 1997 Act to the written down value of plant includes, for plant for which an amount has been or can be deducted for depreciation under the old depreciation provisions, a reference to its depreciated value under those provisions.

 (3) A reference in subsection 42-90(2) or (3) of the 1997 Act to a balancing adjustment event for plant includes a reference to a disposal of the plant under the old depreciation provisions.

 (4) In working out the cost of plant under section 42-90 of the 1997 Act, the sum of the amounts that:
 (a) were included in a person's assessable income for the plant under section 59 or 62AAT of the 1936 Act; and
 (b) would have been so included if balancing adjustment relief under subsection 59(2A) or (2D) of the 1936 Act had not applied;
is taken to be a balancing adjustment included in the person's assessable income under section 42-190, 42-240 or 42-390.

42-95  Application of Subdivision 42-C of the 1997 Act

  Subdivision 42-C of the 1997 Act does not apply to plant that you acquired or constructed before 13 March 1991.

[The next section is section 42-110.]

42-110  Commissioner's determination of effective life

  The Commissioner's determination of effective lives of units of property in Taxation Ruling IT2685 is taken to be a determination made under section 42-110 of the 1997 Act.

[The next section is section 42-120.]

42-120  Which rate do you use? (application of old transitional provision)

 (1) This section applies to you if:
 (a) you acquire plant after the beginning of the 1997-98 income year; and
 (b) if the 1997 Act had not been enacted, you would be taken to have acquired the plant under a contract entered into before 27 February 1992 by section 66 of the Taxation Laws Amendment Act (No. 2) 1992.

 (2) Your rate is the annual depreciation percentage worked out under the old depreciation provisions.

 (3) If you are using the diminishing value method, you multiply that percentage by 1.5.

[The next section is section 42-175.]

42-175  Meaning of undeducted cost

 (1) In working out the undeducted cost of plant under section 42‑175 of the 1997 Act, the amounts that you deduct from the cost of the plant include:
 (a) for plant that is not a car—any amounts that you have deducted or can deduct for the plant under the old depreciation provisions, other than an amount that is taken