Division 42—Depreciation of plant
Table of Subdivisions
Guide to Division 42
42-A Key operative provisions
42-B Cost of plant
42-C Effective life
42-D Depreciation rates
42-E Calculation of depreciation deductions
42-F Calculation of balancing adjustments
42-G Calculation of balancing adjustments for some cars
42-H Balancing adjustment relief
42-I Quasi-ownership
42-J Partial change of ownership
42-K Car depreciation limit
42-L Pooling
Guide to Division 42
42-1 What this Division is about
This Division sets out the basis on which you can deduct amounts for depreciation of property that is a unit of plant.
To work out how this Division applies to existing plant (and some plant where roll-overs are involved), you need to refer to the transitional provisions in Division 42 of the Income Tax (Transitional Provisions) Act 1997.
Table of sections
42-5 Key concepts used in this Division
42-5 Key concepts used in this Division
Subdivision 42-A—Key operative provisions
Guide to Subdivision 42-A
42-10 What this Subdivision is about
This Subdivision contains the key operative provisions for depreciation, including the main deduction provision.
Table of sections
Operative provisions
42-15 Deduction for depreciation
42-18 Meaning of plant
42-19 References to plant
42-20 Amount you deduct
42-25 Calculation
42-30 Balancing adjustments
42-35 Application of Division 41 Common rules
42-40 Choices
42-45 Exclusions
42-48 Debt forgiveness: amounts deducted for depreciation
Non-operative provisions
42-50 What are other "amounts deducted for depreciation"?
42-55 Signposting to other parts of the Act
Operative provisions
42-15 Deduction for depreciation
You deduct an amount for depreciation of a unit of *plant for an income year if, in that year:
(a) you are its owner or *quasi-owner; and
(b) you use it, or have it *installed ready for use, for the *purpose of producing assessable income.
Note: If there is a quasi-owner, the owner cannot deduct: see
section 42-320.
(1) Plant includes:
(a) articles, machinery, tools and rolling stock; and
(b) animals used as beasts of burden or working beasts in a *business, other than a *primary production business; and
(c) fences, dams and other structural improvements, other than those used for domestic or residential purposes, on land that is used for agricultural or pastoral operations; and
(d) structural improvements, other than a *forestry road or structural improvements used for domestic or residential purposes, on land used in a business involving:
(i) planting or tending trees in a plantation or forest that are intended to be felled; or
(ii) felling trees in a plantation or forest; or
(iii) transporting trees, or parts of trees, that you felled in a plantation or forest to the place where they are first to be milled or processed, or from which they are to be transported to the place where they are first to be milled or processed; and
(e) structural improvements, other than those used for domestic or residential purposes, that are used wholly for operations (carried out in the course of a business) relating directly to:
(i) taking or culturing pearls or pearl shell; or
(ii) taking or catching trochus, bÍche-de-mer or green snails;
and that are situated at or near a port or harbour from which the business is conducted; and
(f) structural improvements that are excluded from paragraph (c), (d) or (e) because they are used for domestic or residential purposes if they are provided for the accommodation of employees, tenants or sharefarmers who are engaged in or in connection with the activities referred to in that paragraph.
(2) Plant also includes plumbing fixtures and fittings (including wall and floor tiles) provided by an entity mainly for:
(a) either or both:
(i) employees in a *business carried on by the entity for the *purpose of producing assessable income; or
(ii) employees in a business carried on for that purpose by a company that is a member of the same *wholly-owned group of which the entity is a member; or
(b) *children of any of those employees.
References in the following provisions of this Division to *plant are to a unit of plant.
(1) The amount you deduct is worked out under Subdivision 42-E. However, for *plant in a *pool, you work out the amount under Subdivision 42-L.
(2) You cannot deduct more than the *undeducted cost of the *plant.
(1) The calculation of your deduction is based on the *cost of the *plant to you.
(2) The rate you use to calculate your deduction is set out in Subdivision 42-D. Generally, the rate is based on the *effective life of the *plant.
(3) You have a choice of 2 calculation methods: the *diminishing value method and the *prime cost method. You make the choice for the income year in which a depreciation deduction is first allowable to you for the *plant.
Note: The diminishing value method calculates your deduction each year as a percentage of the balance you have left to deduct.
The prime cost method calculates your deduction each year as a percentage of your cost.
(1) You must make a balancing adjustment calculation for *plant if:
(a) you have deducted or can deduct an amount for depreciation of it or, if Common rule 1 (roll-over relief for related entities) applied to your acquisition of it, the transferor or an earlier successive transferor deducted or can deduct an amount for depreciation of it; and
(b) a *balancing adjustment event occurs.
Note 1: However, no balancing adjustment calculation is required if Common rule 1 applies to the balancing adjustment event.
Note 2: A balancing adjustment calculation may include an amount in your assessable income or allow you to deduct an amount. If you are required to include an amount in your assessable income, balancing adjustment relief may be available: see sections 42-285, 42-290 and 42-295.
(2) Balancing adjustments are calculated under:
(a) Subdivision 42-F; or
(b) Subdivision 42-G for some *cars; or
(c) section 42-390 for *plant in a *pool.
(3) A balancing adjustment event occurs as shown in the table:
|
A balancing adjustment event occurs: |
||
|
Item |
If you are ... |
when: |
|
1 |
the owner of *plant |
(a) you dispose of it and do not become its *quasi-owner; or(b) it is lost or destroyed; or (c) subsection 42-330(1) applies. |
|
2 |
the *quasi-owner of *plant |
(a) you cease to be the *quasi-owner of it and do not become its owner; or(b) it is lost or destroyed; or (c) subsection 42-330(2) applies. |
Note: Section 42-330 deals with partial change of ownership.
42-35 Application of Division 41 Common rules
The following Common rules apply to this Division:
(a) Common rule 1 (roll-over relief for related entities);
(b) Common rule 2 (non-arm’s length transactions);
(c) Common rule 3 (anti-avoidance—ownership).
For modifications to Common rule 1, see sections 42-275 and 42-280.
For modifications to Common rule 2, see sections 42-75 and 42-210.
(1) Any choice you are required to make under this Division must be made:
(a) by the day you lodge your *income tax return for the income year to which the choice relates; or
(b) within a further time allowed by the Commissioner.
(2) Your choice, once made, applies to that income year and all later income years.
Primary production expenditure
(1) You cannot deduct an amount for depreciation of *plant if any expenditure incurred on it by any entity has been or can be deducted under Subdivision 387-A (Landcare operations) or 387-B (Facilities to conserve or convey water).
Research and development plant
(2) You cannot deduct an amount for depreciation of *plant that you have *installed ready for use exclusively for the purpose of carrying on *research and development activities unless you have elected under subsection 73B(18) of the Income Tax Assessment Act 1936 that the research and development provisions are not to apply to the plant.
Leisure facilities and boats
(3) You cannot deduct an amount for depreciation of a *leisure facility or a boat unless, at some time in the income year:
(a) its use constitutes a *fringe benefit; or
(b) you use the leisure facility or hold it for use as mentioned in subsection 26-50(3); or
(c) you use the boat or hold it for use as mentioned in
paragraph 26-50(5)(b), (c) or (d).
42-48 Debt forgiveness: amounts deducted for depreciation
(1) An amount applied in reduction of deductible expenditure (within the meaning of Division 245 of Schedule 2C to the Income Tax Assessment Act 1936) for *plant under section 245-155 of that Schedule is taken to be an amount you have deducted under section 42-15 for depreciation of the plant.
(2) The amount is taken to have been deducted as at the first day of your income year that corresponds to the forgiveness year of income for the reduction within the meaning of Division 245 of that Schedule.
Note: Therefore, the amount must be taken into account for the plant under paragraph (a) of the definition of undeducted cost in section 42-175. Also, because the amount is taken to have been deducted as at the first day of the income year, it will reduce the opening undeducted cost of the plant if you are using the diminishing value method.
Non-operative provisions
42-50 What are other "amounts deducted for depreciation"?
(1) A number of provisions in this Division require you to work out the amounts you have deducted or can deduct for depreciation of plant. Apart from amounts you have deducted or can deduct under section 42-15, other amounts may need to be taken into account.
(2) Those other amounts are:
(a) amounts you have deducted or can deduct for depreciation under Division 28 using the "log book" method or the "one-third of actual expenses" method; and
(b) amounts you treat as having been deducted for depreciation under section 42-285 or 42-290 (balancing adjustment relief); and
(c) amounts taken to be depreciation under paragraph 159GJ(1)(e) of the Income Tax Assessment Act 1936.
42-55 Signposting to other parts of the Act
Entertainment
(1) Section 32-15 treats some property that is used for entertainment as not being used for the purpose of producing assessable income.
Environment
(2) Even if you do not use property for the purpose of producing assessable income, you will be taken to do so in some circumstances. See section 330-455 (mine site rehabilitation) and sections 82BG and 82BR of the Income Tax Assessment Act 1936 (environmental impact or protection).
Debt forgiveness
(3) Your deductions under this Division may be reduced if any of your commercial debts have been forgiven in the income year: see Subdivision 245-E of Schedule 2C to the Income Tax Assessment Act 1936.
Anti-avoidance
(4) The anti-avoidance provisions in section 51AD, and Division 16D of Part III, of the Income Tax Assessment Act 1936 may deny a depreciation deduction.
Record-keeping
(5) The rules in Division 900 requiring individuals and certain partnerships to keep written evidence of work expenses and car expenses apply to this Division.
(6) There are special record-keeping rules that apply to this Division in section 262A of the Income Tax Assessment Act 1936.
Subdivision 42-B—Cost of plant
Guide to Subdivision 42-B
42-60 What this Subdivision is about
A depreciation deduction for plant is based on its cost. This Subdivision tells you how to work out its cost.
Table of sections
Operative provisions
42-65 How to work out your cost
42-70 Adjustment: acquiring a car at a discount
42-75 Adjustment: non-arm’s length transactions
42-80 Adjustment: car depreciation limit
42-85 Adjustment: double deduction
42-90 Adjustment: previously depreciated plant limit
Operative provisions
42-65 How to work out your cost
Method statement
Step 1. Work out the cost of the *plant using the following table. If more than one row applies, use the cost under the last applicable row.
Step 2. The table indicates provisions that may adjust the cost. Refer to them to see if an adjustment is necessary.
Step 3. If more than one provision adjusts the cost, apply them in the order they appear in the table to:
(a) the cost; or
(b) the adjusted cost after applying the last applicable provision.
Step 4. The result is your cost.
Example: An entity acquires a car in a non-arm’s length transaction for $80,000. The market value of the car is $60,000. Assume the car depreciation limit for the year is $55,000.
The provisional cost is $80,000 (item 1 of the table). The non-arm’s length rule is applied next to reduce it to $60,000. Then the car depreciation limit applies to further reduce it. Your cost is $55,000.
|
Cost table |
||||
|
Item |
For *plant ... |
The cost is: |
May be adjusted by: |
|
|
1 |
generally |
its cost to you |
• car discount (42-70) • non-arm’s length (42-75) • car limit (42-80) • double deduction (42-85) • prev. dep. limit (42-90) |
|
|
2 |
you acquire with, or attached to, other assets without a specific value being allocated to it |
so much of the overall cost as is reasonably attributable to the *plant |
• car discount (42-70) • non-arm’s length (42-75) • car limit (42-80) • double deduction (42-85) • prev. dep. limit (42-90) |
|
|
3 |
you acquire under subsection 42-335(1) |
the market value of the *plant immediately before its acquisition |
• car limit (42-80) • double deduction (42-85) • prev. dep. limit (42-90) |
|
|
4 |
attached to land over which you hold a *quasi-ownership right assigned to you |
so much of any consideration for the acquisition of the right as is reasonably attributable to the *plant |
• non-arm’s length (42-75) • double deduction (42-85) • prev. dep. limit (42-90) |
|
|
5 |
that reverts to you because of the expiry, surrender or termination of a *quasi-ownership right over land |
so much of any consideration for the expiry, surrender or termination as is reasonably attributable to the *plant |
• double deduction (42-85) • prev. dep. limit (42-90) |
|
|
6 |
that reverts to you because of the expiry, surrender or termination of a *quasi-ownership right over land and you grant a new right to an *associate or an *associated government entity of the former holder |
the market value of the *plant immediately before the expiry, surrender or termination, worked out as if the former holder held an estate in fee simple in the land |
• double deduction (42-85) • prev. dep. limit (42-90) |
|
|
7 |
attached to land over which you hold a *quasi-ownership right and which you acquire under subsection 42-335(2) |
the market value of the *plant immediately before its acquisition, worked out as if the former holder held an estate in fee simple in the land |
• double deduction (42-85) • prev. dep. limit (42-90)
|
|
|
8 |
you stop holding as trading stock and acquire under |
the amount worked out under section 70-110 |
• car limit (42-80) • double deduction (42-85) |
|
|
9 |
for which you have deducted or can deduct an amount under the research and development provisions |
the amount worked out under subsection 73B(21) or (22) of the Income Tax Assessment Act 1936 |
• car limit (42-80) • double deduction (42-85) |
|
|
10 |
you acquire in circumstances where Common rule 1 applies |
the transferor’s cost (see subsection 42-280(2)) |
|
|
|
11 |
for which you have deducted or can deduct an amount under the mining and quarrying provisions |
the amount worked |
• car limit (42-80) • double deduction (42-85)
|
|
|
12 |
you acquire in circumstances where section 73E of the Income Tax Assessment Act 1936 (R&D roll-over relief) applies |
the amount applicable under paragraph 73E(6)(a) of the Income Tax Assessment Act 1936 |
• car limit (42-80) • double deduction (42-85)
|
|
42-70 Adjustment: acquiring a car at a discount
(1) You must increase the cost of a *car designed mainly for carrying passengers and which you acquire at a discount if:
(a) it is reasonable to conclude that any portion (discount portion) of the discount is referable to you or another entity selling other *plant for less than its market value; and
(b) you, or another entity, deducted or can deduct an amount for depreciation of the other plant for any income year; and
(c) the sum of the cost of the car and the discount portion exceeds the *car depreciation limit calculated under
section 42-345 for the *financial year in which you first use the car for any purpose.
(2) The cost of the *car is increased by the discount portion.
Note: The termination value of the other plant is also increased by the discount portion: see section 42-205.
(3) This section does not apply to a *car that is excluded from
section 42-80 by subsection 42-80(2).
42-75 Adjustment: non-arm’s length transactions
Common rule 2 applies for the purpose of working out the cost of *plant, but with the following modifications:
(a) it applies to cost rather than expenditure; and
(b) it compares the cost with the amount that would have been the cost if the parties had dealt with each other at arm’s length, and substitutes that amount instead of market value.
42-80 Adjustment: car depreciation limit
(1) If the cost of a *car designed mainly for carrying passengers would exceed the *car depreciation limit for the *financial year in which you first use the car for any purpose, your cost is reduced to that limit.
(2) This section does not apply to a *car that, immediately before you first used it for any purpose, was specially fitted out for transporting disabled people in wheelchairs unless, at that time:
(a) it was for your personal transportation; and
(b) it would be covered by subitem 96(1) or 97(1) of Schedule 1 to the Sales Tax (Exemptions and Classifications) Act 1992.
42-85 Adjustment: double deduction
(1) The cost of *plant is reduced by any portion of its cost that you have deducted or can deduct, or that has been or will be taken into account in working out an amount you can deduct, other than for depreciation.
(2) Subsection (1) does not apply to deductions for:
(a) research and development (section 73B of the Income Tax Assessment Act 1936);
(b) development and investment allowances (Subdivisions B and BA of Division 3 of Part III of that Act);
(c) drought investment allowance (Part XII of that Act).
42-90 Adjustment: previously depreciated plant limit
(1) The Commissioner may limit the cost to you of *plant for which an amount has been deducted or can be deducted for depreciation by any earlier owner or *quasi-owner.
(2) The cost of the *plant may be limited to the sum of:
(a) its *written down value, immediately before the *balancing adjustment event occurred, in the hands of the last entity who had deducted or can deduct an amount for depreciation of it; and
(b) any balancing adjustment included in that entity’s assessable income for the plant under Subdivision 42-F or 42-G; and
(c) any balancing adjustment that would have been included in that entity’s assessable income for the plant if balancing adjustment relief under section 42-285 (same year relief) or 42-290 (later year relief) had not applied.
(3) If the last entity had the *plant in a *pool for the income year in which the *balancing adjustment event occurred, its cost may be limited to the sum of:
(a) any balancing adjustment included in that entity’s assessable income for the plant under section 42-390; and
(b) any balancing adjustment that would have been included in that entity’s assessable income for the plant if balancing adjustment relief under section 42-285 or 42-290 had not applied.
(4) The matters to be taken into account by the Commissioner in deciding whether to limit the cost of *plant include:
(a) whether you acquired the plant from an *associate; and
(b) the market value of the plant; and
(c) how the purchase price of the plant was calculated; and
(d) how the acquisition was financed; and
(e) whether the plant is for use by the entity from whom you acquired it or by an associate of the entity.
Subdivision 42-C—Effective life
Guide to Subdivision 42-C
42-95 What this Subdivision is about
The rate at which you depreciate plant is generally determined by its effective life. There are 2 methods of working out effective life.
Table of sections
Operative provisions
42-100 Choice of method
42-105 How to work out effective life
42-110 Commissioner’s determination of effective life
Operative provisions
(1) You must either:
(a) work out the *effective life of *plant; or
(b) adopt the *effective life specified by the Commissioner (if any) for the plant under section 42-110.
(2) You make the choice for the income year in which a depreciation deduction is first allowable to you for the *plant.
42-105 How to work out effective life
(1) You work out the *effective life of *plant by estimating how long it can be used by any entity for income producing purposes. You do this as at the time you first use it, or have it *installed ready for use, for the *purpose of producing assessable income.
(2) In making that estimate, you assume that the *plant:
(a) is new; and
(b) will be subject to wear and tear at a rate that was reasonable for you to expect when you were working it out having regard to the expected circumstances of your use; and
(c) will be maintained in reasonably good order and condition.
(3) If, at that time, you conclude that you would be likely to scrap the *plant, sell it for scrap or abandon it before the end of the period worked out under subsection (1), its *effective life ends at the earlier time. This conclusion is also to be made on the assumption that the plant is new.
42-110 Commissioner’s determination of effective life
(1) The Commissioner may make a written determination specifying the *effective life of *plant.
(2) Any conditions in the determination must be satisfied when you first use the *plant, or have it *installed ready for use, for the *purpose of producing assessable income.
Subdivision 42-D—Depreciation rates
Guide to Subdivision 42-D
42-115 What this Subdivision is about
This Subdivision sets out the depreciation rates. More than one rate can apply depending on the nature of the plant and its use.
Table of sections
Operative provisions
42-120 Which rate do you use?
42-123 Change of rate
42-125 General rates
42-130 Low cost plant
42-135 Cars and motor cycles
42-140 Artworks
42-145 Scientific research
42-150 Employee amenities
Operative provisions
(1) If more than one rate can apply to your *plant, choose the one you prefer. However, in any case, you may choose a lower rate.
(2) You make the choice for the income year in which a depreciation deduction is first allowable to you for the *plant.
(1) You must make a new choice of rate if you were using the *plant as mentioned in section 42-145 (scientific research) or 42-150 (employee amenities) and you cease to use it in that way.
(2) You may make a new choice of rate if you start using the *plant as mentioned in section 42-150.
(1) The general rates are set out in the following table.
|
General rates table |
|||
|
Item |
Years in *effective life |
* Diminishing value rate |
* Prime cost rate |
|
1 |
fewer than 3 |
not applicable |
100% |
|
2 |
3 to fewer than 5 |
60% |
40% |
|
3 |
5 to fewer than 6 2/3 |
40% |
27% |
|
4 |
6 2/3 to fewer than 10 |
30% |
20% |
|
5 |
10 to fewer than 13 |
25% |
17% |
|
6 |
13 to fewer than 30 |
20% |
13% |
|
7 |
30 or more |
10% |
7% |
(2) These rates do not apply to a *car, or a motor cycle or similar vehicle, or an *artwork.
The *prime cost rate for *plant is 100% if its *cost does not exceed $300 (or a higher prescribed amount).
The rates for *cars, and motor cycles or similar vehicles, are set out in the following table.
|
Cars and motor cycles rates table |
|||
|
Item |
Years in *effective life |
* Diminishing value rate |
* Prime cost rate |
|
1 |
fewer than 3 |
not applicable |
100% |
|
2 |
3 to fewer than 5 |
50% |
33% |
|
3 |
5 to fewer than 6 2/3 |
30% |
20% |
|
4 |
6 2/3 to fewer than 10 |
22.5% |
15% |
|
5 |
10 to fewer than 13 |
15% |
10% |
|
6 |
13 to fewer than 20 |
11.25% |
8% |
|
7 |
20 to fewer than 40 |
7.5% |
5% |
|
8 |
40 or more |
3.75% |
3% |
(1) The *diminishing value rate for *artworks is the percentage worked out using the formula:
|
1.8 --------------------------------- no of years in effective life |
|
|
* 100 |
|
|
|
(2) The *prime cost rate for *artworks is the percentage worked out using the formula:
|
1.2 --------------------------------- no of years in effective life |
|
|
* 100 |
|
|
|
(3) However, the *prime cost rate for an *artwork having an *effective life of fewer than 3 years is 100%.
For *plant that you acquired before 1 July 1995 and use only for scientific research in the fields of natural or applied science:
(a) the *diminishing value rate is 50%; and
(b) the *prime cost rate is 33%.
(1) There is a rate for *plant an entity uses mainly for providing clothing cupboards, first aid, rest-room or recreational facilities, or meals or facilities for meals for:
(a) either or both:
(i) employees in a *business carried on by the entity for the *purpose of producing assessable income; or
(ii) employees in a business carried on for that purpose by a company that is a member of the same *wholly-owned group of which the entity is a member; or
(b) *children of any of those employees.
(2) The *diminishing value rate is 50%, and the *prime cost rate is 33%.
Subdivision 42-E—Calculation of depreciation deductions
Guide to Subdivision 42-E
42-155 What this Subdivision is about
This Subdivision shows you how to work out the amount of a depreciation deduction. There are 2 calculation formulae: one for each calculation method.
Table of sections
Operative provisions
42-160 Diminishing value method
42-165 Prime cost method
42-170 Reducing deductions
42-175 Meaning of undeducted cost
Operative provisions
42-160 Diminishing value method
Calculate your deduction using the formula:
opening undeducted cost * days owned
------------------------------------------------------------ * Diminishing value rate
365
where:
opening undeducted cost is the *undeducted cost of the *plant on the first day of the income year on which you were its owner or *quasi-owner.
days owned is the number of days in the income year you were the owner or *quasi-owner of the *plant.
(1) Calculate your deduction using the formula:
cost * days owned
------------------------------ * prime cost rate
365
where:
days owned is the number of days in the income year you were the owner or *quasi-owner of the *plant.
(2) However, if you are using the 100% rate, your deduction is your *cost.
(3) In applying this section, the *cost of the *plant is reduced by:
(a) any amount that you choose under section 42-285 or 42-290 (balancing adjustment relief) to treat as having been deducted for depreciation of the plant; and
(b) any amount you are taken to have deducted for depreciation of the plant under subsection 42-48(2) (debt forgiveness).
Note: You cannot deduct more than the undeducted cost of the plant.
General
(1) Reduce your deduction by an amount that reasonably reflects the extent (if any) you neither used the *plant, nor had it *installed ready for use, for the *purpose of producing assessable income during the period in the income year you were its owner or *quasi-owner.
Leisure facilities and boats
(2) You may have to make a further reduction if your *plant is a *leisure facility or a boat. That reduction is made for any period in the income year during which you:
(a) were its owner or *quasi-owner; and
(b) used it, or had it *installed ready for use, for the *purpose of producing assessable income.
(3) The reduction must reflect the extent (if any) to which you did not satisfy any of the exceptions in paragraphs 42-45(3)(a), (b) and (c) for the *leisure facility or boat in that period.
Note: Paragraphs 42-45(3)(a), (b) and (c) set out the limited circumstances in which you can deduct an amount for a leisure facility or a boat.
42-175 Meaning of undeducted cost
The undeducted cost of *plant is its *cost less the sum of:
(a) for plant that is not a *car—the amounts you have deducted or can deduct for depreciation of the plant; and
(b) for plant that is not a car—any further amounts you could have deducted for depreciation of the plant for any period you were its owner or *quasi-owner and used it, or had it *installed ready for use, assuming that:
(i) you used it wholly for the *purpose of producing assessable income during that period; and
(ii) you used the same rate and method during that period as you used for the income year in which a depreciation deduction was first allowable to you for the plant; and
(iii) no provision of this Act denied a depreciation deduction for it; and
(c) if the plant is a car—the amounts you could have deducted under this Division for any period you were its owner and used it, or had it installed ready for use, assuming that:
(i) you used it wholly for the purpose of producing assessable income during that period; and
(ii) you used the same rate and method during that period as you used for the income year in which a depreciation deduction was first allowable to you for the car; and
(iii) no provision of this Act denied a depreciation deduction for it; and
(iv) Division 28 (Car expenses) did not apply; and
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