New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)
Schedule 2 General consequential amendments
Income Tax Assessment Act 1936
32 Paragraphs 73B(4J)(a) and (b)
Repeal the paragraphs, substitute:
(a) the company could deduct amounts for the decline in value of the relevant unit under Division 40 of that Act; and
(b) any reference in Division 40 of that Act to using an asset for a taxable purpose included a reference to the use of the relevant unit by or on behalf of the company exclusively for carrying on research and development activities.
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