Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.832

    If:

  (a)   on or after 10   May 2006 you abandon, sell or otherwise dispose of a project; and

  (b)   you have deducted or can deduct amounts for project amounts in relation to that project; and

  (c)   on or after that day, you start to operate that project again; and

  (d)   it is reasonable to conclude that you did this for the main purpose of ensuring that deductions for project amounts in relation to that project would be worked out under section   40 - 832 of that Act;

the Income Tax Assessment Act 1997 applies to you as if the project had started to operate before 10   May 2006.

Table of sections

40 - 840   Ships depreciated under section   57AM of the Income Tax Assessment Act 1936