Section EA 2 — Income Tax Act 2007: Other revenue account property

EA 2 Other revenue account property When this section applies (1) This section applies to revenue account property that is not— (a) trading stock valued under subpart EB (Valuation of trading stock (including dealer’s livestock)): (b) livestock valued under subpart EC (Valuation of livestock): (c) an excepted financial arrangement valued under subpart ED (Valuation of excepted financial arrangements): (d) a film or a film right to which sections EJ 4 to EJ 8 (which relate to films) apply: (e) a specified lease or a lease to which section EJ 10 (Personal property lease payments) applies: (f) property that arises as a result of petroleum development expenditure or petroleum exploration expenditure to which sections EJ 12 to EJ 20 (which relate to petroleum mining) apply: (g) a financial arrangement valued under subpart EW (Financial arrangements rules). Timing of deduction (2) A deduction for the cost of revenue account property of a person is allocated to the earlier of— (a) the income year in which the person disposes of the property; and (b) the income year in which the property ceases to exist. Defined in this Act: deduction , excepted financial arrangement , film , film right , financial arrangement , income year , lease , pay , petroleum development expenditure , petroleum exploration expenditure , revenue account property , specified lease , , trading stock Compare: 2004 No 35 s EA 2