Document ID: chunk:federal_register_of_legislation:C2004A00844:clause:1_6:p1
Version: federal_register_of_legislation:C2004A00844
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 1/2)
Character Range: 83261–86032

6                                                                         You are granted a right to receive a *non‑cash benefit or you become entitled to an increased non‑cash benefit  The *market value of the non‑cash benefit, or the increase, when it is granted or increased

Note: Item 1 includes not only amounts actually received but also amounts taken to have been received. Examples include the price of the notional sale made when a depreciating asset is converted to trading stock under section 70‑30, the consideration for an asset held under a hire purchase arrangement under section 240‑25 and a lessee's deemed consideration when a luxury car lease is terminated under subsection 42A‑105(3) of Schedule 2E to the Income Tax Assessment Act 1936.

 (2) In applying the table in subsection (1) to a right you have to receive an amount or a *non‑cash benefit, don't count any part of the right that has already been satisfied.

40‑310  Apportionment of termination value

  If you receive an amount for 2 or more things that include a *balancing adjustment event occurring for a *depreciating asset, you take into account as its *termination value only that part of what you received that is reasonably attributable to the asset.

40‑315  Expenses of balancing adjustment event

 (1) The *termination value of a *depreciating asset is reduced by your expenses that you have not deducted and cannot deduct that are reasonably attributable to the *balancing adjustment event occurring for that asset.

 (2) Subsection (1) does not apply to a *balancing adjustment event referred to in item 6 or 11 of the table in subsection 40‑300(2).

40‑320  Car to which section 40‑225 applies

  You must increase the *termination value of a *car the *cost of which was increased under section 40‑225 by the discount portion for the car referred to in that section.

40‑325  Adjustment: car limit

  The termination value of a *car the *cost of which was worked out by applying section 40‑230 (Car limit) is the amount worked out under subsection 40‑300(1) multiplied by the fraction:
where:

CL is the *car limit for the *car for the *financial year in which you first used it for any purpose.

40‑335  Deduction for in‑house software where you will never use it

 (1) You can deduct expenditure you incurred on *in‑house software if:
 (a) you incurred the expenditure with the intention of using the software for a *taxable purpose; and
 (b) the expenditure relates to a unit of software that you have not used or had *installed ready for use; and
 (c) the expenditure is not allocated to a software development pool (see Subdivision 40‑E); and
 (d) in the *current year, you have decided that you will never use the software, or have it installed ready for use.

 (2)