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EZ 10: Pool items accounted for by globo method for 1992–93 income year
or “Rules for income from selling items accounted for by old globo method”
You could also call this:

“Rules for calculating depreciation on partly business-used items owned before 2004-05”

This law is about how you calculate depreciation for things you own that are partly used for business. It applies to items you owned before the 2004-05 tax year.

If you have an item that fits into one of these categories, special rules apply:

You sometimes use the item for both personal and business purposes during the time you own it. This was covered by a law called section FB 7 in the 2004 tax rules.

The item was covered by certain parts of the tax laws from 1994 or 1976. These parts dealt with items used for both personal and business purposes.

In the 1992-93 tax year or earlier, you had an item that you didn’t use only for business. Because of this, you got less money back for depreciation than if you had used it only for business.

If your item fits any of these descriptions, you need to use special calculations to work out how much you can claim for depreciation. These calculations are explained in other parts of the tax law.

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Next up: EZ 12: Amount of depreciation loss for item acquired from associated person on or before 23 September 1997

or “Rules for claiming depreciation on items from associates before 23 September 1997”
Next

Part E Timing and quantifying rules
Terminating provisions

EZ 11Amounts of depreciation recovery income and depreciation loss for part business use up to 2004–05 income year

  1. For the purposes of sections EE 49(1)(b)(ii) and EE 50(5)(b)(ii) (which relate to depreciation for partial income-producing use), the item is an item of property to which 1 or more of the following applies:

  2. the item is, at any time during the period the person owns it, subject to section FB 7 of the Income Tax Act 2004:
    1. the item is, at any time during the period the person owns it, subject to section EG 2(1)(d) or (e) of the Income Tax Act 1994:
      1. the item is, at any time during the period the person owns it, subject to section 108A(1)(d) or (e) of the Income Tax Act 1976:
        1. the item was, in the 1992–93 income year or an earlier income year, an item that the person did not use wholly in deriving assessable income or carrying on a business for the purpose of deriving assessable income and for which, consequently, the person was allowed a smaller deduction for depreciation under section 108 of the Income Tax Act 1976 than they would have been allowed if they had used the item wholly for 1 of those purposes.

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