New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)

Schedule 2   General consequential amendments

Income Tax Assessment Act 1936

141   Subdivision 57-N of Schedule 2D

Repeal the Subdivision, substitute:

Subdivision 57-N - Division not applicable in respect of certain plant

57-130 Plant or depreciating assets covered by Subdivision 58-B of the Income Tax Assessment Act 1997

Subdivision 57-I, and Subdivision 57-K in so far as it applies to balancing adjustments for plant or depreciating assets, do not apply in respect of an asset to which Subdivision 58-B of the Income Tax Assessment Act 1997 applies.