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Income Tax Assessment Act 1997
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Turn the raw legal text into a practical explanation grounded in Income Tax Assessment Act 1997.
(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; and (c) section 27‑95 does not apply to the entity in relation 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.