Taxation Laws Amendment (Research and Development) Act 2001 (170 of 2001)

Schedule 2   Plant etc.

Part 3   Effective life basis for deduction

Division 1   Amendments commencing at 12 pm on 29 January 2001

Income Tax Assessment Act 1997

34   Subsection 42-45(2)

Omit "unless you have elected under subsection 73B(18) of the Income Tax Assessment Act 1936 that the research and development provisions are not to apply to the plant", substitute ", for which a deduction would be allowable under section 73B of the Income Tax Assessment Act 1936, unless you have made an election under subsection 73B(18) of that Act that that section does not apply to the plant".