INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-45
-
RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 387
-
Capital allowances for primary producers and some land-holders
Subdivision 387-G
-
Forestry roads and timber mill buildings
SECTION 387-472 (ARCHIVE)
Treatment of deductions for income years before 1997-98
387-472(1)
If you deducted, or can deduct, an amount for an income year (the old law year ) before the 1997-98 income year under section 124F or 124JA of the Income Tax Assessment Act 1936 for your expenditure on an access road or a timber mill building:
(a) you are taken to have deducted that amount for the old law year under Subdivision 387-G of the Income Tax Assessment Act 1997 (which allows deductions for the 1997-98 income year and later income years for expenditure on forestry roads and timber mill buildings), as if that Subdivision had applied to assessments for the old law year; and
(b) the amount is taken not to have been deducted or be deductible under section 124F or 124JA of the Income Tax Assessment Act 1936 .
387-472(2)
This section applies only for the purposes of Subdivision 387-G of the Income Tax Assessment Act 1997 . It does not affect a deduction, or an entitlement to a deduction, under section 124F or 124JA of the Income Tax Assessment Act 1936 for an income year before the 1997-98 income year for the purposes of that Act.
If you deducted, or can deduct, an amount for an income year (the old law year ) before the 1997-98 income year under section 124F or 124JA of the Income Tax Assessment Act 1936 for your expenditure on an access road or a timber mill building:
(a) you are taken to have deducted that amount for the old law year under Subdivision 387-G of the Income Tax Assessment Act 1997 (which allows deductions for the 1997-98 income year and later income years for expenditure on forestry roads and timber mill buildings), as if that Subdivision had applied to assessments for the old law year; and
(b) the amount is taken not to have been deducted or be deductible under section 124F or 124JA of the Income Tax Assessment Act 1936 .
387-472(2)
This section applies only for the purposes of Subdivision 387-G of the Income Tax Assessment Act 1997 . It does not affect a deduction, or an entitlement to a deduction, under section 124F or 124JA of the Income Tax Assessment Act 1936 for an income year before the 1997-98 income year for the purposes of that Act.
View history note
Hide history noteThis information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.