Income Tax Assessment Act 1936

Div 3 heading inserted by No 172 of 1978.

S 73BAF repealed by No 93 of 2011, s 3 and Sch 3 item 44, effective 8 September 2011. For application, savings and transitional provisions see note under s 82KZLB . S 73BAF formerly read:

SECTION 73BAF PREVENTING DOUBLE DEDUCTIONS  
73BAF(1)
This section applies to the head company of a consolidated group or MEC group if, after the tax cost is set for a depreciating asset, the company can deduct an amount (the reduction amount ) for expenditure in relation to the asset under section 73B for a year of income.

73BAF(2)
The company's deduction for the decline in value of the asset under Division 40 of the Income Tax Assessment Act 1997 , and its notional Division 40 deduction under section 73BC of this Act, for the year of income are reduced (but not below nil) by the reduction amount.

73BAF(3)
Any part of the reduction amount remaining after that reduction is applied to reduce the company's deductions for the decline in value of the asset under Division 40 of the Income Tax Assessment Act 1997 , and its notional Division 40 deduction under section 73BC of this Act, for later years of income.

S 73BAF inserted by No 117 of 2002.