Tax Laws Amendment (2007 Measures No. 2) Act 2007 (78 of 2007)

Schedule 1   Effective life provisions

Income Tax Assessment Act 1997

6   Subsection 40-110(4)

Repeal the subsection, substitute:

(4) A recalculation under this section must be done using:

(a) if paragraph (b) does not apply - section 40-105 (about self-assessing effective life); or

(b) if the *depreciating asset is a *mining, quarrying or prospecting right - subsections 40-95(10) and (11).