INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
This section affects how Division 373 (Intellectual property) of the Income Tax Assessment Act 1997 applies if you have owned an item of intellectual property since before the 1998-99 income year.
Unrecouped expenditure
373-10(2)
Your unrecouped expenditure on the item at the start of the 1998-99 income year equals the item's residual value in relation to you immediately after the end of the 1997-98 income year, as worked out under Division 10B of Part III of the Income Tax Assessment Act 1936 . (It can later be reduced and increased as provided in Division 373 (Intellectual property) of the Income Tax Assessment Act 1997 .)
See section 373-25 of the Income Tax Assessment Act 1997 .
Effective life
373-10(3)
The item's effective life in your hands is the same as its effective life worked out at the end of the 1997-98 income year under Division 10B of Part III of the Income Tax Assessment Act 1936 . (This is despite section 373-35 of the Income Tax Assessment Act 1997 .)
Taking account of what happened before 1998-99
373-10(4)
The provisions of the Income Tax Assessment Act 1997 listed in column 2 of an item in the table apply as shown in the table.
| Taking account of what happened before 1998 - 99 | |||
| Item | The following provision(s): | apply to this: | in the same way as they apply to this: |
| 1. | 373-50(4); 373-65(2); 41-40(2) (as applying because of 373-80 and 373-85) | an amount you have deducted or can deduct for the item under Division 10B of Part III of the Income Tax Assessment Act 1936 for an income year before the 1998 - 99 income year | an amount you have deducted or can deduct for the item under Subdivision 373-B or 373-D (as appropriate) of the Income Tax Assessment Act 1997 |
| . | |||
| 2. | 373-50(4); 373-65(2); 373-85(4); 41-40(2) (as applying because of 373-80 and 373-85) | an amount that section 124P of the Income Tax Assessment Act 1936 included in your assessable income for the item for an income year before the 1998 - 99 income year | an amount included in your assessable income for the item by section 373-50 or 373-65 (as appropriate) of the Income Tax Assessment Act 1997 |
| . | |||
| 3. | 373-60(1)(a) | the item's cost to you for the purposes of Division 10B of Part III of the Income Tax Assessment Act 1936 | your expenditure on the item |
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