INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 42 - Depreciation  

SECTION 42-2 (ARCHIVE)   Application of Division 42 of the 1997 Act  

42-2(1)    
The provisions of Division 42 of the 1997 Act apply to assessments for the 1997-98 income year and later income years.

42-2(2)    
However, section 42-15 of the 1997 Act does not apply to allow you to deduct an amount for depreciation of a ship for an income year if you calculate the amount of a deduction in accordance with section 57AM of the 1936 Act for the ship for that year.

Note:

Depreciation deductions for these ships are allowable under the 1936 Act: see subsection 53I(2) of the 1936 Act.