Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.520

  (1)   This section applies to you if:

  (a)   you have deducted or can deduct an amount under Division   387 of the former Act for an amount (the qualifying amount ) of expenditure on a water facility; and

  (b)   you do not hold the water facility at the start of 1   July 2001.

  (2)   Subdivision   40 - F of the new Act applies to the water facility on the basis specified in subsection   40 - 515(2) of this Act, and no other taxpayer can deduct amounts for it under the new Act.