Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteFor disposals of plant or interests in plant on or after 22 February 1999 and before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999, Division 45 of the Income Tax Assessment Act 1997 applies with the modifications specified in this section.
45-3(2)
That Division applies as if subsection 45-5(2) were replaced by this provision:
(2)
The amount included is the lesser of:
(a) the excess referred to in paragraph (1)(e); and
(b) the amounts you have deducted or can deduct for depreciation of the plant or, if you disposed of an interest in the plant, so much of those amounts as is attributable to that interest.It is included for the income year in which the disposal occurred.
45-3(3)
That Division applies as if paragraph 45-5(5) (a) were replaced by this provision:
(a) it is included in that assessable income under a provision of this Act outside this Division and Parts 3-1 and 3-3 (about capital gains and losses); or
45-3(4)
That Division applies as if subsection 45-10(2) were replaced by this provision:
(2)
The amount included is the lesser of:
(a) the excess referred to in paragraph (1)(f); and
(b) that part of the amounts the partnership has deducted or can deduct for depreciation of the plant that has been or would be reflected in your interest in the partnership net income or partnership loss (your partnership amount ) or, if you disposed of part of your interest in the plant, so much of your partnership amount as is attributable to that part of that interest.It is included for the income year in which the disposal occurred.
45-3(5)
That Division applies as if paragraph 45-10(5) (a) were replaced by this provision:
(a) it is included in that assessable income under a provision of this Act outside this Division and Parts 3-1 and 3-3 (about capital gains and losses); or
45-3(6)
That Division applies as if this section were added at the end of that Division:
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
