INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 16D - Certain arrangements relating to the use of property  

SECTION 159GJ   EFFECT OF APPLICATION OF DIVISION ON CERTAIN DEDUCTIONS ETC.  

159GJ(1)    

(a) if:

(i) but for this section, Subdivision B or BA of Division 3 , or Part XII , would apply, or would have applied, in relation to the item of eligible property in relation to a taxpayer; and

(ii) this Division commences to apply before the expiration of 12 months after the item of property was first used, or installed ready for use, by the taxpayer;

Subdivision B or BA of Division 3 , or Part XII , as the case may be, does not apply, and shall be deemed never to have applied, in relation to the item of eligible property in relation to the taxpayer;

159GJ(2)    

(a)

(i) Division 10 , 10AA or 10A of this Part; or

(iv) the former Subdivision 330-C or 387-G of that Act;

(c)

(i) Division 10 , 10AA or 10A of this Part; or

(iv) the former Subdivision 330-C or 387-G of that Act;

159GJ(3)    

(a) no deduction is allowable to any taxpayer under:

(i) Division 10AAA of this Part; or

(ii) section 40-830 of the Income Tax Assessment Act 1997 for a project amount that is transport capital expenditure within the meaning of that Act; or

(iii) the former Subdivision 330-H of that Act;

in relation to any amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10AAA property for any year of income in which the whole or a part of the application period occurs;

(c) for the purposes of the application of:

(i) Division 10AAA of this Part; or

(ii) section 40-830 of the Income Tax Assessment Act 1997 for a project amount that is transport capital expenditure within the meaning of that Act; or

(iii) the former Subdivision 330-H of that Act:

in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10AAA property for any year of income after the year of income in which this Division ceases to apply-it shall be taken to be a requirement of those provisions that the deduction allowable under any of those provisions in respect of the amount of expenditure does not exceed the residual amount in relation to the amount of expenditure as ascertained in accordance with paragraph (b).

159GJ(4)    

(b)

(iii)

(B) for the purposes of any application of section 124ZE or 124ZK in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10C or 10D property at any time during the post-application part - the residual capital expenditure, within the meaning of Division 10C or 10D of this Part, or the undeducted construction expenditure within the meaning of Division 43 of the Income Tax Assessment Act 1997 , as appropriate, in relation to the amount of expenditure shall be taken to be an amount equal to the residual amount at that time in relation to the amount of expenditure as ascertained in accordance with sub-subparagraph (A); and