Taxation Laws Amendment Act (No. 5) 2002 (119 of 2002)
Schedule 3 Capital allowances
Income Tax Assessment Act 1997
42 At the end of paragraph 40-880(1)(b)
Add:
Example: Michael and Sandra operate a fish shop in partnership. They agree to incorporate their business so they dispose of the partnership assets to a company. The capital expenses of incorporating the company and of transferring the partnership assets to it are covered by this paragraph.
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