Income Tax (Transitional Provisions) Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-G - Capital expenditure of primary producers and other landholders  

SECTION 40-645   Electricity supply and telephone lines  

40-645(1)    
This section applies to you if you have deducted or can deduct an amount under Division 387 of the former Act for an amount (the qualifying amount ) of expenditure on:

(a) connecting or upgrading the supply of mains electricity to land; or

(b) a telephone line on land;

and you hold the land to which the electricity or telephone line relates at the start of 1 July 2001.

40-645(2)    
You deduct amounts for the qualifying amount under Subdivision 40-G of the new Act in the same way you were writing it off under Division 387 of the former Act.

40-645(3)    
A reference in subsection 40-650(4) , (5) or (7) of the new Act to an amount being deducted under Subdivision 40-G of that Act includes a reference to an amount being deducted under:

(a) Subdivision 387-F of the former Act; or

(b) former section 70 of the Income Tax Assessment Act 1936 .