Commonwealth Consolidated Acts

MINERALS RESOURCE RENT TAX REPEAL AND OTHER MEASURES ACT 2014 - SCHEDULE 4

Income Tax Assessment Act 1997

1   Subsection   328 - 190(2A)

Repeal the subsection.

2   Section   328 - 200 (method statement, step 2, paragraph   ( c))

Omit " , and subsection   328 - 237(2) (if relevant), " .

3   Group heading before section   328 - 237

Repeal the heading.

4   Section   328 - 237

Repeal the section.

5   Subsection   328 - 250(1)

Omit " , subsection   328 - 190(2) (assets that will be pooled) or subsection   328 - 237(2) (certain motor vehicles) " , substitute " or subsection   328 - 190(2) (assets that will be pooled) " .

6   Subsection   328 - 250(2)

Omit " , 328 - 190(2) or 328 - 237(2) " , substitute " or 328 - 190(2) " .

7   Paragraph 328 - 250(3)(b)

Omit " , 328 - 190(2) or 328 - 237(2) " , substitute " or 328 - 190(2) " .

8   Application of amendments

(1)   The amendments made by this Schedule apply to a depreciating asset that is a motor vehicle if:

  (a)   the asset was first installed ready for use, for a taxable purpose, on or after the application day ; or

  (b)   the asset was first used, for a taxable purpose, on or after the application day , but was not installed ready for use prior to the application day .

(2)   In this item:

application day means 1   January in the income year before the income year in which this Schedule commences.