Commonwealth Consolidated Acts Commonwealth Consolidated ActsLinks
(1) No part of a * pool of construction expenditure can be a deduction, or taken into account in working out the amount of a deduction, under a provision of this Act other than this Division.
(2) No part of an amount incurred by an entity in acquiring capital works for which there is a * pool of construction expenditure can be a deduction, or taken into account in working out the amount of a deduction, under a provision of this Act other than this Division.
(3) You will be taken not to be the owner of any part of capital works that are the subject of a lease to which you have chosen to apply section 104 - 115 (CGT event F2). The lessee or sublessee will be taken to be the owner of that part.
Note 1: Choosing to apply section 104 - 115 results in the lease being treated for CGT purposes more like an outright disposal.
Note 2: See subsection 43 - 180(3) for the effect of the rule in subsection (3) of this section on the need to own 10 apartments, units or flats in an apartment building.
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(6) There are special record - keeping rules that apply to this Division in subsection 262A(4AJA) of the Income Tax Assessment Act 1936 .
(7) Your deductions under this Division may be reduced if any of your commercial debts have been forgiven in the income year: see Subdivision 245 - E.
(8) Where you have had a deduction under this Division an amount may be included in your assessable income if the expenditure was financed by limited recourse debt that has terminated: see Division 243.