Taxation Laws Amendment (Research and Development) Act 2001 (170 of 2001)

Schedule 2   Plant etc.

Part 3   Effective life basis for deduction

Division 1   Amendments commencing at 12 pm on 29 January 2001

Income Tax Assessment Act 1997

33   At the end of section 42-25

Add:

(4) If you can deduct an amount for the *plant under section 73BH of the Income Tax Assessment Act 1936:

(a) for a period before the first period for which you can deduct an amount for the plant under this Division; or

(b) for a period that starts at the same time as the first period for which you can deduct an amount for the plant under this Division;

you must, for the purposes of this Division, use the same method as you used, or use, for the plant for the purposes of working out the deduction under section 73BH.