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

Schedule 2   General consequential amendments

Income Tax Assessment Act 1936

32   Paragraphs 73B(4J)(a) and (b)

Repeal the paragraphs, substitute:

(a) the company could deduct amounts for the decline in value of the relevant unit under Division 40 of that Act; and

(b) any reference in Division 40 of that Act to using an asset for a taxable purpose included a reference to the use of the relevant unit by or on behalf of the company exclusively for carrying on research and development activities.