New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)
Schedule 2 General consequential amendments
Income Tax Assessment Act 1936
47 Paragraphs 82AM(3)(a) and (b)
Repeal the paragraphs, substitute:
(a) the property is a depreciating asset; and
(b) a deduction is allowable for it under Division 40 of the Income Tax Assessment Act 1997; and
(c) the taxpayer could have deducted the property's cost under that Act for the income year in which the taxpayer first used it for a taxable purpose (within the meaning of that Act).
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