Tax Laws Amendment (Research and Development) Act 2011 (93 of 2011)

Schedule 4   Application, savings and transitional provisions

Part 3   Transitional provisions appearing as amendments of other Acts

Income Tax (Transitional Provisions) Act 1997

13   After section 40-420

Insert:

40-430 Allocating assets to low-value pools

For the purposes of Subdivision 40-E of the Income Tax Assessment Act 1997, you cannot allocate a depreciating asset to a low-value pool if:

(a) you can deduct an amount for the asset under former section 73BA of the Income Tax Assessment Act 1936; or

(b) you could so deduct an amount if you had not chosen a tax offset under former section 73I of that Act;

for a period before, or starting at the same time as, the allocation has effect.