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

Schedule 2   General consequential amendments

Income Tax Assessment Act 1936

47   Paragraphs 82AM(3)(a) and (b)

Repeal the paragraphs, substitute:

(a) the property is a depreciating asset; and

(b) a deduction is allowable for it under Division 40 of the Income Tax Assessment Act 1997; and

(c) the taxpayer could have deducted the property's cost under that Act for the income year in which the taxpayer first used it for a taxable purpose (within the meaning of that Act).