New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)

Schedule 2   General consequential amendments

Income Tax Assessment Act 1997

225   Paragraph 43-70(2)(f)

Repeal the paragraph, substitute:

(f) expenditure on property for which a deduction is allowable, or would be allowable if the property were for use for the *purpose of producing assessable income, under:

(i) Subdivision 40-F (about primary production depreciating assets), Subdivision 40-G (about capital expenditure of primary producers and other landholders), Subdivision 40-H (about capital expenditure that is immediately deductible) or Subdivision 40-I (about capital expenditure that is deductible over time); or

(ii) the former Division 330 of this Act or Division 10, 10AAA or 10AA of Part III of the Income Tax Assessment Act 1936 (all of which deal with mining and/or quarrying); or

(iii) section 73A of the Income Tax Assessment Act 1936 (about expenditure on scientific research); or

(iv) the former Subdivision 387-A of this Act or section 75D of the Income Tax Assessment Act 1936 (both of which allow deductions for capital expenditure to prevent land degradation); or

(v) the former Subdivision 387-B of this Act or section 75B of the Income Tax Assessment Act 1936 (both of which allow deductions for capital expenditure on facilities to conserve or convey water); or

(vi) the former Subdivision 387-G of this Act or section 124F or 124JA of the Income Tax Assessment Act 1936 (all of which allow deductions for capital expenditure on forestry roads and/or timber mill buildings); or