Section EZ 10 — Income Tax Act 2007: Pool items accounted for by globo method for 1992–93 income year

EZ 10 Pool items accounted for by globo method for 1992–93 income year Limit on amount of income (1) If a person’s pool consists solely of items of depreciable property accounted for at the end of the person’s 1992–93 income year using, with the Commissioner’s permission, the globo accounting method, the amount of income under section EE 22(5)(a) (Cases affecting pool) is no more than the amount calculated using the formula— depreciation allowed − income. Definition of items in formula (2) In the formula,— (a) depreciation allowed is the total of deductions for amounts of depreciation loss that the person has been allowed in all earlier income years for all items in the pool, including amounts allowed before the person’s 1993–94 income year under the globo accounting method: (b) income is all amounts of income under section EE 22(5)(a) in all previous income years. Defined in this Act: amount , Commissioner , depreciable property , depreciation loss , income year , pool , Compare: 2004 No 35 s EZ 9