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

Schedule 2   General consequential amendments

Income Tax Assessment Act 1997

325   Subsection 320-255(5)

Repeal the subsection, substitute:

(5) If a *depreciating asset is transferred from the *segregated exempt assets of a *life insurance company, the company must assume, for the purposes of Division 40, that the asset had, at all times during the period beginning when it was acquired or constructed by the company and ending immediately before the time of the transfer, been used by the company wholly for the *purpose of producing assessable income.