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

Schedule 3   Taxation Laws Amendment Act (No. 1) 2001

Taxation Laws Amendment Act (No. 1) 2001

2   Subsection 240-7(2)

Repeal the subsection, substitute:

(2) If the property is not trading stock, the notional buyer may be able to deduct amounts for the expenditure under Division 40 (about capital allowances)".