Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.45

Eligible work related items

  (1)   This Division does not apply to an asset that is an eligible work related item for the purposes of section   58X of the Fringe Benefits Tax Assessment Act 1986 where the relevant benefit provided by the employer is an expense payment benefit or a property benefit (within the meaning of that Act).

Capital works

  (2)   This Division does not apply to capital works for which you can deduct amounts under Division   43, or for which you could deduct amounts under that Division:

  (a)   but for expenditure being incurred, or capital works being started, before a particular day; or

  (b)   had you used the capital works for a purpose relevant to those capital works under section   43 - 140.

Note:   Section   43 - 20 lists the capital works to which that Division applies.

Films

  (5)   This Division does not apply to a * depreciating asset if you or another taxpayer has deducted or can deduct amounts for it under:

  (a)   former Division   10BA of Part   III of the Income Tax Assessment Act 1936 (about Australian films); or

  (b)   former Division   10B of Part   III of that Act if the depreciating asset relates to a copyright in an Australian film within the meaning of that Division.

  (6)   This Division applies to a * depreciating asset that is copyright in a * film where a company is entitled to a * tax offset under section   376 - 55 in respect of the film as if the asset's * cost were reduced by the amount of that offset.