Tax Laws Amendment (Research and Development) Act 2011 (93 of 2011)

Schedule 4   Application, savings and transitional provisions

Part 3   Transitional provisions appearing as amendments of other Acts

Income Tax (Transitional Provisions) Act 1997

11   At the end of Subdivision 40-B

Add:

40-105 Calculations of effective life

(1) This section applies to the following (the instrument ):

(a) a determination under section 40-100 of the Income Tax Assessment Act 1997 of the effective life of an asset;

(b) a calculation under section 40-105 of that Act of the effective life of an asset;

if the instrument was in force immediately before the commencement of Schedule 1 to the Tax Laws Amendment (Research and Development) Act 2011.

(2) The instrument has effect, after that commencement, as if it had been made under that section as amended by the Tax Laws Amendment (Research and Development) Act 2011.