Taxation Laws Amendment Act (No. 5) 2002 (119 of 2002)

Schedule 3   Capital allowances

Income Tax Assessment Act 1997

42   At the end of paragraph 40-880(1)(b)

Add:

Example: Michael and Sandra operate a fish shop in partnership. They agree to incorporate their business so they dispose of the partnership assets to a company. The capital expenses of incorporating the company and of transferring the partnership assets to it are covered by this paragraph.