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

Schedule 2   General consequential amendments

Income Tax Assessment Act 1936

98   Subsection 398(3)

Repeal the subsection, substitute:

(3) For the purpose of exercising his or her power under subsection (2) to determine a notional allowable deduction in relation to:

(a) sections 54 to 62 of this Act; or

(b) the former Division 42 (Depreciation) of the Income Tax Assessment Act 1997 (other than Subdivisions 42-L and 42-M); or

(c) Division 40 of that Act (other than Subdivision 40-E);

the Commissioner must assume that the property was used by the eligible CFC during any non-attributable income period wholly and exclusively for the purpose of producing notional assessable income.