Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)

Schedule 3   Depreciation of plant previously owned by an exempt entity

Part 1   Income Tax Assessment Act 1997

2   Paragraph 42-175(d)

Repeal the paragraph, substitute:

(d) if Common rule 1 applied to your acquisition of the plant and you acquired the plant from a*transition entity to which Subdivision 58-B applies - the sum of the amounts that are to be deducted under paragraphs 58-80(a), (b) and (c) in calculating the*notional written down value of the plant in relation to the transition entity or are to be deducted under paragraphs 58-145(5)(a) and (b) in calculating the*undeducted cost of the plant in relation to the transition entity, as the case may be; and

(e) if Common rule 1 applied to your acquisition of the plant - the sum of the amounts that would apply under paragraphs (a), (b), (c) and (d) to the transferor and earlier successive transferors.

(2) This section has effect subject to Subdivision 58-B in relation to*plant to which that Subdivision applies.