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

Schedule 3   Taxation Laws Amendment Act (No. 1) 2001

Taxation Laws Amendment Act (No. 1) 2001

5   Subsection 243-35(3)

Repeal the subsection, substitute:

(3) The reference in step 2 of the method statement in subsection (2) to an amount that is included in the assessable income of a taxpayer as a result of the disposal of the *financed property includes a reference to an amount that is included under section 26AG of the Income Tax Assessment Act 1936 as a result of the disposal of the financed property.

Note: Division 20 deals with amounts included to reverse the effect of past deductions.