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

Schedule 2   General consequential amendments

Income Tax Assessment Act 1936

64   Subsection 159GE(1) (definition of depreciation deduction )

Repeal the definition, substitute:

depreciation deduction means a deduction:

(a) in respect of depreciation under Division 3 of this Act or the former Division 42 of the Income Tax Assessment Act 1997; or

(b) for the decline in value of a depreciating asset under Division 40 of the Income Tax Assessment Act 1997.