Tax Laws Amendment (2006 Measures No. 1) Act 2006 (32 of 2006)
Schedule 2 Business related costs
Part 1 Capital allowances amendments
Income Tax Assessment Act 1997
20 At the end of section 40-180
Add:
(3) The first element of *cost includes an amount you paid or are taken to have paid in relation to starting to *hold the *depreciating asset if that amount is directly connected with holding the asset.
(4) The first element of *cost of a *depreciating asset does not include an amount that forms part of the second element of cost of another depreciating asset.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
