Taxation Ruling

IT 2078A - Addendum

Division 10AAA - deduction for expenditure on public roads and railways

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FOI status:

may be released

ADDENDUM

This Addendum amends Taxation Ruling IT 2078, in relation to the 1997-98 or a later income year, as follows:

1. Title

Omit 'Division 10AAA'; substitute 'Subdivision 330-H'.

2. Paragraph 2

(a)

Omit 'Divisions 10 and 10AA of the Income Tax Assessment Act'; substitute 'Subdivisions 330-C and 330-H of the Income Tax Assessment Act 1997 ('the new Act')';

(b)

Omit 'Division 10AAA of the Income Tax Assessment Act'; substitute 'Subdivision 330-H of the new Act'.

3. After paragraph 5

Insert:

'5A. The contributions would not qualify for deduction under either Subdivision 330-C or 330-H or any other provision of the new Act.'

4. Paragraph 6

At the end, insert:

'The expenditure would qualify for deduction under Subdivision 330-H of the new Act.'

5. Paragraph 7

(a)

Omit 'Division 10AAA'; substitute 'Subdivision 330-H';

(b)

Omit 'section 123A'; substitute 'section 330-370';

(c)

Omit 'on or after 1 July 1961'; substitute 'in the 1997-98 income year or a later income year';

(d)

Omit 'prescribed mining operations'; substitute 'eligible mining operations'.

6. Paragraph 8

Omit 'Division 10AAA'; substitute 'Subdivision 330-H'.

7. Paragraph 9

(a)

Omit 'section 123A' (twice occurring); substitute 'section 330-370';

(b)

Omit 'Division 10AAA'; substitute 'Subdivision 330-H.

9. After paragraph 9

Insert:

Commissioner of Taxation
30 July 1997

References

ATO references:
NO NAT 97/5088-6

Related Rulings/Determinations:

IT 2078
IT 2078W

Legislative References:
ITAA97 Subdiv 330-C
ITAA97 Subdiv 330-H
ITAA97 Section 330-370