Taxation Laws Amendment (Research and Development) Act 2001 (170 of 2001)

Schedule 2   Plant etc.

Part 3   Effective life basis for deduction

Division 1   Amendments commencing at 12 pm on 29 January 2001

Income Tax Assessment Act 1936

7   Subsection 73B(1)

Insert:

excluded plant expenditure means:

(a) expenditure incurred by an eligible company in:

(i) the acquisition, or the construction, under a contract entered into at or before 12 pm, by legal time in the Australian Capital Territory, on 29 January 2001; or

(ii) the construction by the company, being construction that commenced at or before 12 pm, by legal time in the Australian Capital Territory, on 29 January 2001;

of a unit of plant or pilot plant; and

(b) any other expenditure incurred by an eligible company in the acquisition or construction, or that otherwise forms part of the cost, of a unit of section 73BH plant (as defined by section 73BI).