New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)

Schedule 2   General consequential amendments

Income Tax Assessment Act 1997

226   After paragraph 43-70(2)(f)

Insert:

(fa) any of these kinds of expenditure if a deduction is allowable for the expenditure, or would be allowable if property had been used for the purpose of producing assessable income:

(i) *mining capital expenditure or *transport capital expenditure;

(ii) expenditure on a *forestry road in connection with carrying on a *timber operation for a *taxable purpose;

(iii) expenditure for the construction or acquisition of a *timber mill building;

(iv) expenditure on a *depreciating asset you can deduct under subsection 40-80(1) (about exploration and prospecting); or