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

Schedule 2   General consequential amendments

Income Tax Assessment Act 1936

65   Subsection 159GE(1) (definition of Division 10, 10AA or 10A property )

Repeal the definition, substitute:

Division 10, 10AA or 10A property means property in relation to which there has been incurred:

(a) allowable capital expenditure within the meaning of Division 10 or 10AA of this Part or the former Subdivision 330-C of the Income Tax Assessment Act 1997 or mining capital expenditure within the meaning of section 40-860 of that Act;

(b) expenditure taken into account in ascertaining an amount of residual capital expenditure specified in paragraph 122C(1)(a); or

(c) capital expenditure specified in subsection 124F(1) or 124JA(1) of this Act or the former section 387-460 of the Income Tax Assessment Act 1997; or

(d) capital expenditure on a forestry road in connection with a timber operation, or capital expenditure for the construction or acquisition of a timber mill building.