Tax Laws Amendment (Shipping Reform) Act 2012 (57 of 2012)

Schedule 2   Capital allowances

Part 1   Statutory capped life

Income Tax Assessment Act 1997

8   Subsection 995-1(1) (definition of remaining effective life )

Repeal the definition, substitute:

remaining effective life of a *depreciating asset:

(a) has the meaning given by section 40-75; and

(b) if the asset is a vessel to which subsection 40-103(2) applies - includes the meaning given by that subsection.