Page 85 - Test 2 Cycle Slides - General Deductions Class SlidesCapital Allowances Recoupments

The acquisition of assets

• The taxation rules relating to assets acquired by the

taxpayer can be divided into three areas: the first

area deals with the cost incurred that can be

included in the cost of acquiring the asset, the

second area deals with the rate of the allowances

that can be claimed while the person is using the

assets and the last area deals with the sale or

disposal of the asset. The following table

summarises the main sections of the Income Tax

Act that deal with each of the above areas:

•

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