INCOME TAX RATES ACT 1986 (ARCHIVE)

Definition of ``reduced notional income'' substituted by No 77 of 2001, s 3 and Sch 2 item 477, applicable to:

(a) depreciating assets:

(i) you start to hold under a contract entered into after 30 June 2001; or

(ii) you constructed where the construction started after that day; or

(iii) you start to hold in some other way after that day; and

(b) expenditure that does not form part of the cost of a depreciating asset incurred after that day.

The definition formerly read:

'reduced notional income'
, in relation to a taxpayer deriving a notional income in the year of income, as specified in section 59AB or 86 of the Assessment Act or section 42-300 of the Income Tax Assessment Act 1997 , means the amount that would be that notional income if that notional income had been calculated by reference to the reduced taxable income instead of by reference to the taxable income;

Definition of ``reduced notional income'' amended by No 121 of 1997 and No 138 of 1987.