Tax Laws Amendment (Shipping Reform) Act 2012 (57 of 2012)
Schedule 2 Capital allowances
Part 1 Statutory capped life
Income Tax Assessment Act 1997
8 Subsection 995-1(1) (definition of remaining effective life )
Repeal the definition, substitute:
remaining effective life of a *depreciating asset:
(a) has the meaning given by section 40-75; and
(b) if the asset is a vessel to which subsection 40-103(2) applies - includes the meaning given by that subsection.
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