INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-10
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CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE
Division 42
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Depreciation
SECTION 42-9 (ARCHIVE)
Amounts deducted under old law taken to be amounts deducted under new law
42-9(1)
This section applies to the various references in Division 42 of the 1997 Act to an amount you have deducted or can deduct for depreciation of plant. However, it does not apply for the purpose of working out the undeducted cost of the plant (see section 42-175 of this Act).
42-9(2)
Those references are taken to include:
(a) amounts you have deducted or can deduct for depreciation of the plant under the old depreciation provisions, other than an amount that is taken by subsection 59(2E) of the 1936 Act to be depreciation allowed for the plant because of paragraph 59(2A) (a) or (b) or subsection 59(2D) of that Act; and
(b) amounts you have deducted or can deduct for depreciation of the plant using the ``log book'' method or the ``one-third of actual expenses'' method under section 82KUD or 82KW , or Schedule 2A , of the 1936 Act; and
(c) if section 58 of the 1936 Act, or Common rule 1, applied to your acquisition of the plant - the sum of the amounts that would apply under paragraph (a) or (b) to the transferor and earlier successive transferors.
42-9(3)
Also, the references in sections 42-30, 42-190 and 42-240 of the 1997 Act to amounts you have deducted or can deduct for depreciation of the plant are taken to include an amount that is taken by subsection 59(2E) of the 1936 Act to be depreciation allowed for the plant because of paragraph 59(2A) (a) or (b) or subsection 59(2D) of that Act.
This section applies to the various references in Division 42 of the 1997 Act to an amount you have deducted or can deduct for depreciation of plant. However, it does not apply for the purpose of working out the undeducted cost of the plant (see section 42-175 of this Act).
42-9(2)
Those references are taken to include:
(a) amounts you have deducted or can deduct for depreciation of the plant under the old depreciation provisions, other than an amount that is taken by subsection 59(2E) of the 1936 Act to be depreciation allowed for the plant because of paragraph 59(2A) (a) or (b) or subsection 59(2D) of that Act; and
(b) amounts you have deducted or can deduct for depreciation of the plant using the ``log book'' method or the ``one-third of actual expenses'' method under section 82KUD or 82KW , or Schedule 2A , of the 1936 Act; and
(c) if section 58 of the 1936 Act, or Common rule 1, applied to your acquisition of the plant - the sum of the amounts that would apply under paragraph (a) or (b) to the transferor and earlier successive transferors.
42-9(3)
Also, the references in sections 42-30, 42-190 and 42-240 of the 1997 Act to amounts you have deducted or can deduct for depreciation of the plant are taken to include an amount that is taken by subsection 59(2E) of the 1936 Act to be depreciation allowed for the plant because of paragraph 59(2A) (a) or (b) or subsection 59(2D) of that Act.
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