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

Schedule 2   General consequential amendments

Income Tax Assessment Act 1997

342   Section 900-120

Repeal the section, substitute:

900-120 Written evidence of depreciating asset expense

(1) You may use this set of rules only for a *depreciating asset expense.

(2) You must get evidence of the original acquisition of the *depreciating asset. It must be a document that you get from the supplier of the asset and that specifies:

(a) the name or business name of the supplier; and

(b) the cost of the asset to you; and

(c) the nature of the asset; and

(d) the day you acquired the asset; and

(e) the day it is made out.

(3) However, if the document the supplier gave you does not specify the nature of the asset, you may write in the missing details yourself before you lodge your *income tax return for the income year in which you first claim a deduction for the decline in value of the asset.

(4) If you don't get the document in time, for example because you only decided to use the asset for income-producing purposes several years after you acquired it, there are rules that might help you in Subdivision 900-H (Relief from effects of failing to substantiate).

(5) The document must be in English. However, if you *imported the asset into Australia, the document can instead be in a language of the country from which the asset was originally exported.