Taxation Laws Amendment (Research and Development) Act 2001 (170 of 2001)

Schedule 2   Plant etc.

Part 3   Effective life basis for deduction

Division 1   Amendments commencing at 12 pm on 29 January 2001

Income Tax Assessment Act 1936

5   Subsection 73B(1) (at the end of paragraph (ba) of the definition of aggregate research and development amount )

Add:

, where:

(i) the unit or units were acquired, or constructed, under a contract or contracts entered into by the company at or before 12 pm, by legal time in the Australian Capital Territory, on 29 January 2001; or

(ii) the company commenced to construct the unit or units at or before 12 pm, by legal time in the Australian Capital Territory, on 29 January 2001.