INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 373 - Intellectual property  

SECTION 373-10 (ARCHIVE)   Application to item of intellectual property you owned before 1998-99  

373-10(1)    
This section affects how Division 373 (Intellectual property) of the Income Tax Assessment Act 1997 applies if you have owned an item of intellectual property since before the 1998-99 income year.

Unrecouped expenditure

373-10(2)    
Your unrecouped expenditure on the item at the start of the 1998-99 income year equals the item's residual value in relation to you immediately after the end of the 1997-98 income year, as worked out under Division 10B of Part III of the Income Tax Assessment Act 1936 . (It can later be reduced and increased as provided in Division 373 (Intellectual property) of the Income Tax Assessment Act 1997 .)

See section 373-25 of the Income Tax Assessment Act 1997 .

Effective life

373-10(3)    
The item's effective life in your hands is the same as its effective life worked out at the end of the 1997-98 income year under Division 10B of Part III of the Income Tax Assessment Act 1936 . (This is despite section 373-35 of the Income Tax Assessment Act 1997 .)

Taking account of what happened before 1998-99

373-10(4)    
The provisions of the Income Tax Assessment Act 1997 listed in column 2 of an item in the table apply as shown in the table.

Taking account of what happened before 1998 - 99
Item	The following provision(s):	apply to this:	in the same way as they apply to this:
1.	373-50(4); 373-65(2); 41-40(2) (as applying because of 373-80 and 373-85)	an amount you have deducted or can deduct for the item under Division 10B of Part III of the Income Tax Assessment Act 1936 for an income year before the 1998 - 99 income year	an amount you have deducted or can deduct for the item under Subdivision 373-B or 373-D (as appropriate) of the Income Tax Assessment Act 1997
.
2.	373-50(4); 373-65(2); 373-85(4); 41-40(2) (as applying because of 373-80 and 373-85)	an amount that section 124P of the Income Tax Assessment Act 1936 included in your assessable income for the item for an income year before the 1998 - 99 income year	an amount included in your assessable income for the item by section 373-50 or 373-65 (as appropriate) of the Income Tax Assessment Act 1997
.
3.	373-60(1)(a)	the item's cost to you for the purposes of Division 10B of Part III of the Income Tax Assessment Act 1936	your expenditure on the item