INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART XII - DROUGHT INVESTMENT ALLOWANCE  

Division 3 - Leasing company deduction  

Subdivision A - Entitlement to deduction  

SECTION 642   RELATIONSHIP WITH OTHER DEDUCTIONS  

642(1)   Deduction generally an additional deduction.  

In spite of sections 8-10 and 330-590 of the Income Tax Assessment Act 1997 , but subject to this section, the deduction is allowable in addition to any deduction allowable in respect of the expenditure under any other provision of this Act or the Income Tax Assessment Act 1997 .

642(2)   Deduction not allowable if certain other deductions allowable.  

The deduction is not allowable if a deduction in respect of the expenditure has been allowed or is allowable under section 70A , 73B , 73BA , 73BH , 122J , 122JF or 124AH of this Act or section 330-15 of the Income Tax Assessment Act 1997 .

642(2A)   [Deduction not allowable if a tax offset not chosen]  

The deduction is not allowable if a deduction in respect of the expenditure would have been allowed or allowable under section 73B , 73BA , 73BH or 73Y if a company had not chosen a tax offset under section 73I .

642(3)   Deduction not allowable for certain depreciable property.  

The deduction is not allowable if:

(a) a deduction is allowable for depreciation in relation to the item; and

(b) the depreciation rate for the item under Subdivision 42-D of the Income Tax Assessment Act 1997 could have been 100%, whether or not the taxpayer chose that rate, or the taxpayer could calculate their deduction under section 42-167 of that Act.