INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 53G   COST OF CONVERTING PLANT FOR USE IN CONNEXION WITH METRIC SYSTEM TO BE ALLOWABLE DEDUCTION  

53G(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 metric system of measurement as defined by section 3 of the Metric Conversion Act 1970-1971 .

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

53G(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.

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

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.

53G(4)   [Amendment of assessments]  

Notwithstanding anything in any other provision of this Act, the Commissioner may amend an assessment in respect of income of the year of income that commenced on 1 July 1971 for the purpose of giving effect to this section.