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

Schedule 2   General consequential amendments

Income Tax Assessment Act 1997

319   Subsection 165-115V(7)

Repeal the subsection, substitute:

(7) This subsection applies to an asset at the alteration time if:

(a) the asset is a *depreciating asset (not a building or structure) for whose decline in value the company has deducted or can deduct an amount; and

(b) the expenditure incurred by the company to *acquire the asset was less than $1,000,000 (the expenditure can include the giving of property: see section 103-5); and

(c) it would be reasonable for the company to conclude that the market value of the asset at the alteration time was not less than 80% of its *written down value at that time.