Income tax: what is the opening value of a unit of property, for the purposes of calculating depreciation, if the unit was previously used for purposes other than producing assessable income?

Taxation Determination TD 92/142 is no longer necessary and, therefore, is withdrawn.

The Determination explains how to calculate, under the Income Tax Assessment Act 1936 , the opening value of a unit of property for the purposes of calculating depreciation if the unit was previously used for purposes other than producing assessable income. The principles outlined in this Determination have now been specifically enacted in Subdivision 42-E of the Income Tax Assessment Act 1997.