PART III
-
LIABILITY TO TAXATION
Division 3
-
Deductions
Subdivision B
-
Development allowance
History
Subdiv B heading substituted by No 98 of 1992 and inserted by No 50 of 1976.
Former Subdivision B of Division 3 (``Concessional Deductions'') repealed by No 117 of 1975. Former Subdivision B of Division 3 previously amended by No 80 of 1975, No 126 and No 26 of 1974, No 216, No 164, No 52 and No 51 of 1973, No 85 of 1972 and No 93 of 1971.
SECTION 82AM
DEDUCTION UNDER SUBDIVISION TO BE IN ADDITION TO CERTAIN OTHER DEDUCTIONS
82AM(1)
[Deduction additional to other deductions]
Notwithstanding the provisions of section
8-10
of the
Income Tax Assessment Act 1997
, but subject to subsections (2), (3) and (4), the deduction allowable under this Subdivision in respect of expenditure in respect of a unit of property is allowable in addition to any deduction that is allowable in respect of that unit of property under any other provision of this Act or the
Income Tax Assessment Act 1997
.
History
S 82AM(1) amended by No 77 of 2001, s 3 and Sch 2 item 44, by omitting ``or 330-590'' after ``section 8-10''. For application provisions see note under former s 23AH(6) in note under s 23AH.
S 82AM(1) amended by No 39 of 1997 and No 98 of 1992.
82AM(2)
[Certain double deductions not allowable]
A deduction under this Subdivision is not allowable in respect of expenditure in respect of a unit of property where a deduction in respect of the expenditure has been allowed or is allowable under section
73B
,
73BA
or
73BH
of this Act or the former section 330-15 or Subdivision 387-A, 387-B or 387-E or paragraph 40-515(1)(a), section 40-630, section 40-645 or section 40-730 of the
Income Tax Assessment Act 1997
.
History
S 82AM(2) amended by No 170 of 2001, s 3 and Sch 2 item 62 by substituting ``, 73BA or 73BH'' for ``or 73BH'', applicable to assessments for the income year in which 1 July 2001 occurs and for later income years.
S 82AM(2) amended by No 170 of 2001, s 3 and Sch 2 item 20 by inserting ``or 73BH'' after ``73B'', applicable to assessments for the income year in which 29 January 2001 occurs and for later income years.
S 82AM(2) amended by No 77 of 2001, s 3 and Sch 2 items 45 and 46, by inserting ``the former'' before ``section 330-15'' and inserting ``or paragraph 40-515(1)(a), section 40-630, section 40-645 or section 40-730'' after ``387-E''. For application provisions see note under former s 23AH(6) in note under s 23AH.
S 82AM(2) amended by No 121 of 1997, No 39 of 1997, No 82 of 1994, No 98 of 1992, No 57 of 1990, No 107 of 1989, No 108 of 1981, No 159 of 1980 and No 124 of 1980.
82AM(2A)
[Deduction not allowable]
A deduction under this Subdivision is not allowable in respect of expenditure in respect of a unit of property where 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
.
History
S 82AM(2A) inserted by No 170 of 2001, s 3 and Sch 3 item 6, applicable to assessments for the first year of income starting after 30 June 2001 and for later years.
82AM(3)
[Where 100% depreciation allowed]
A deduction under this Subdivision is not allowable for expenditure in relation to a unit of property if:
(a)
the property is a depreciating asset; and
(b)
a deduction is allowable for it under Division
40
of the
Income Tax Assessment Act 1997
; and
(c)
the taxpayer could have deducted the property's cost under that Act for the year of income in which the taxpayer first used it for a taxable purpose (within the meaning of that Act).
History
S 82AM(3) amended by
No 58 of 2006
, s 3 and Sch 7 item 40, by substituting
"
year of income
"
for
"
income year
"
in para (c), effective 22 June 2006.
S 82AM(3) amended by No 77 of 2001, s 3 and Sch 2 item 47, by substituting paras (a), (b) and (c) for paras (a) and (b). For application provisions see note under former s 23AH(6) in note under s 23AH. Paras (a) and (b) formerly read:
(a)
a deduction is allowable for depreciation in relation to the property; and
(b)
the depreciation rate for the property 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.
S 82AM(3) amended by No 164 of 1999 and No 121 of 1997, and inserted by No 98 of 1992.
Former s 82AM(3) omitted by No 107 of 1989 and inserted by No 57 of 1980.
82AM(4)
[Where special depreciation on trading ships allowed]
A deduction under this Subdivision is not allowable for expenditure in relation to a unit of property if a deduction is allowable in accordance with section
57AM
in respect of the property (section
57AM
deals with special depreciation on trading ships).
History
S 82AM(4) inserted by No 98 of 1992, omitted by No 107 of 1989 and inserted by No 108 of 1981.
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