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

Schedule 2   General consequential amendments

Income Tax Assessment Act 1997

275   Subsection 110-55(5)

Repeal the subsection, substitute:

(5) The reduced cost base does not include an amount that you could have deducted for a *CGT asset had you used it wholly for the *purpose of producing assessable income.