Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteThis section applies if:
(a) you have deducted or can deduct amounts for a ship under section 57AM of the Income Tax Assessment Act 1936 as in force before its repeal by Schedule 1 to the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 ; and
(b) you hold the ship when this section commences.
40-840(2)
Division 40 of the Income Tax Assessment Act 1997 applies to the ship after the commencement of this section.
40-840(3)
For the purposes of that application:
(a) the cost of the ship when this section commences is its cost under the Income Tax Assessment Act 1936 just before that time; and
(b) the ship ' s adjustable value when this section commences is its depreciated value under the Income Tax Assessment Act 1936 just before that time; and
(c) paragraphs 40-285(1)(a) and (2)(a) have effect as if amounts you have deducted or can deduct under section 57AM of the Income Tax Assessment Act 1936 , as in force before its repeal, are taken to be part of the ship ' s decline in value under Subdivision 40-B of the Income Tax Assessment Act 1997 .
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