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

Schedule 2   Plant etc.

Part 3   Effective life basis for deduction

Division 2   Amendments commencing immediately after the New Business Tax System (Capital Allowances) Act 2001

Income Tax Assessment Act 1997

75   At the end of section 40-65

Add:

Exception: expenditure deductible under research and development provisions

(6) If you can deduct an amount under section 73BA of the Income Tax Assessment Act 1936 (or could if you had not chosen a tax offset under section 73I of that Act) for the asset:

(a) for a period before the first period for which you can deduct an amount for the asset under this Division; or

(b) for a period that starts at the same time as the first period for which you can deduct an amount for the asset under this Division;

you must, for the purposes of this Division, use the same method as you used, or use, for the asset for the purposes of working out the deduction under section 73BA.