Treasury Laws Amendment (2021 Measures No. 5) Act 2021 (127 of 2021)

Schedule 3   Miscellaneous and technical amendments

Part 1   Amendments commencing day after Royal Assent

Division 10   Temporary full expensing

Income Tax (Transitional Provisions) Act 1997

40   At the end of section 40-157

Add:

(5) For the purposes of paragraph (3)(b), to work out the cost of a depreciating asset that is capital works (see section 43-20 of the Income Tax Assessment Act 1997):

(a) disregard section 40-45 of that Act and work out the cost of the capital works using Subdivision 40-C of that Act; and

(b) disregard section 40-215 of that Act.