New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)
Schedule 2 General consequential amendments
Defence Act 1903
19 After subsection 122AA(3)
Insert:
(4) In calculating the deductions (if any) allowable to the company under Subdivision 40-B of the Income Tax Assessment Act 1997 in respect of the asset, the adjustable value of the asset to the company at the time of the acquisition of the asset is the amount that would have been its adjustable value to the Commonwealth just before that time if:
(a) the Commonwealth had been a taxpayer; and
(b) the asset had been used by the Commonwealth exclusively for the purpose of producing assessable income.
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