INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 53F   COST OF CONVERTING PLANT FOR USE IN CONNECTION WITH DECIMAL CURRENCY SYSTEM TO BE ALLOWABLE DEDUCTION  

53F(1)   [Definitions]  

In this section -

"conversion costs"
, in relation to a unit of property, means expenditure incurred by the taxpayer in converting or adapting the unit for use in connexion with the system of currency provided for by Part II of the Currency Act 1965; and

"unit of property"
means a unit of property not being trading stock of the taxpayer.

53F(2)   [Conversion costs deductible]  

Conversion costs incurred by the taxpayer in the year of income in respect of a unit of property used by him for the purpose of producing assessable income or carrying on a business for that purpose shall, subject to this section, be an allowable deduction.

53F(3)   [Conversion costs deductible only under s 53F]  

For the purposes of this Act -

(a) no part of any conversion costs shall be an allowable deduction, or be taken into account in ascertaining the amount of an allowable deduction, under a provision of this Act other than this section in the assessment of the taxpayer in respect of income of any year of income; and

(b) conversion costs shall be deemed not to be capital expenditure or expenditure of a capital nature.

53F(4)   [Amendment of assessment]  

Notwithstanding anything in any other provision of this Act, the Commissioner may amend an assessment in respect of income of any year of income before the year of income that commenced on 1 July 1965 for the purpose of giving effect to this section.