Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)

Schedule 1   Tax preferred entities (asset financing)

Part 2   Consequential amendments

Income Tax Assessment Act 1997

56   At the end of subsection 40-880(1)

Add:

Note: If Division 250 applies to you and an asset:

(a) if section 250-150 applies - you can deduct an amount for capital expenditure you incur in relation to the asset to the extent specified in a determination made under subsection 250-150(3); or

(b) otherwise - you cannot deduct an amount for such expenditure.