Income Tax (Transitional Provisions) Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 45 - Disposal of leases and leased plant  

SECTION 45-3   Application of Division 45 to disposals between February 1999 and September 1999  

45-3(1)    
For disposals of plant or interests in plant on or after 22 February 1999 and before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999, Division 45 of the Income Tax Assessment Act 1997 applies with the modifications specified in this section.

45-3(2)    
That Division applies as if subsection 45-5(2) were replaced by this provision:

(2)
The amount included is the lesser of:

(a) the excess referred to in paragraph (1)(e); and

(b) the amounts you have deducted or can deduct for depreciation of the plant or, if you disposed of an interest in the plant, so much of those amounts as is attributable to that interest.

It is included for the income year in which the disposal occurred.

45-3(3)    
That Division applies as if paragraph 45-5(5) (a) were replaced by this provision:

(a) it is included in that assessable income under a provision of this Act outside this Division and Parts 3-1 and 3-3 (about capital gains and losses); or

45-3(4)    
That Division applies as if subsection 45-10(2) were replaced by this provision:

(2)
The amount included is the lesser of:

(a) the excess referred to in paragraph (1)(f); and

(b) that part of the amounts the partnership has deducted or can deduct for depreciation of the plant that has been or would be reflected in your interest in the partnership net income or partnership loss (your partnership amount ) or, if you disposed of part of your interest in the plant, so much of your partnership amount as is attributable to that part of that interest.

It is included for the income year in which the disposal occurred.

45-3(5)    
That Division applies as if paragraph 45-10(5) (a) were replaced by this provision:

(a) it is included in that assessable income under a provision of this Act outside this Division and Parts 3-1 and 3-3 (about capital gains and losses); or

45-3(6)    
That Division applies as if this section were added at the end of that Division: