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

Schedule 2   General consequential amendments

Income Tax Assessment Act 1936

83   Paragraph 159GJ(2)(a)

Repeal the paragraph, substitute:

(a) no deduction is allowable to any taxpayer under:

(i) Division 10, 10AA or 10A of this Part; or

(ii) section 40-830 of the Income Tax Assessment Act 1997 for a project amount that is mining capital expenditure within the meaning of that Act; or

(iii) Subdivision 40-B of that Act for a depreciating asset that is a forestry road or timber mill building; or

(iv) the former Subdivision 330-C or 387-G of that Act;

in relation to any amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10, 10AA or 10A property for any year of income in which the whole or a part of the application period occurs;