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

Schedule 2   Plant etc.

Part 3   Effective life basis for deduction

Division 2   Amendments commencing immediately after the New Business Tax System (Capital Allowances) Act 2001

Income Tax Assessment Act 1997

80   At the end of section 40-425

Add:

Exception: research and development

(8) You cannot allocate a *depreciating asset to a low-value pool if you can deduct an amount for the asset under section 73BA of the Income Tax Assessment Act 1936 (or could so deduct an amount if you had not chosen a tax offset under section 73I of that Act) for a period before, or starting at the same time as, the allocation has effect.