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

Schedule 2   General consequential amendments

Income Tax Assessment Act 1936

89   Paragraph 159GM(b)

Repeal the paragraph, substitute:

(b) the expenditure by reason of which the item of property is eligible capital expenditure property is the amount that was the cost of the item of property to the taxpayer who incurred the expenditure for the purpose of:

(i) subsection 62(1) of this Act; or

(ii) the former Subdivision 42-B, or Subdivision 40-C, of the Income Tax Assessment Act 1997;

or that would have been the cost to the taxpayer for the purpose of that subsection or that Subdivision if that subsection or that Subdivision applied in relation to the item of property;