Commonwealth Consolidated Acts Commonwealth Consolidated ActsAct No. 77 of 2001 as amended
This compilation was prepared on 31 January 2003
[This Act was amended by Act No. 119 of 2002]
Amendments from Act No. 57 of 2002
[Schedule 12 (item 44) amended item 219 of Schedule 2
Schedule 12 (item 45) amended item 230 of Schedule 2
Schedule 12 (items 44 and 45) commenced on 20 June 2001]
Amendments from Act No. 119 of 2002
[Schedule 3 (items 97 to 99) amended item 488 of Schedule 2
Schedule 3 (items 97 to 99) commenced on 30 June 2001]
Prepared by the Office of Legislative Drafting,
Attorney-General's Department, Canberra
Contents
1 Short title
2 Commencement
3 Schedule(s)
Schedule 1--Transitional provisions
Income Tax (Transitional Provisions) Act 1997
Division 40--Capital allowances
Subdivision 40-B--Core provisions
40-10..................................Plant
40-12........................Plant acquired after 30 June 2001
40-15.....................Recalculating effective life
40-20..................................IRUs
40-25................................Software
40-30...........................Spectrum licences
40-33..................Datacasting transmitter licences
40-35..................Mining unrecouped expenditure
40-40........................Transport expenditure
40-45.........................Intellectual property
40-50.............Forestry roads and timber mill buildings
40-55.................Environmental impact assessment
40-60......................Pooling under Subdivision 42-L of the former Act
40-65...................Substituted accounting periods
40-70.References to amounts deducted and reductions in deductions
40-75................Mining expenditure incurred after 1 July 2001 on an asset
40-77Mining, quarrying or prospecting rights or information held before 1 July 2001
40-80.................Other expenditure incurred after 1 July 2001 on a depreciating asset
40-85...........................Excess deductions
Subdivision 40-C--Cost
40-230...............................Car limit
Subdivision 40-D--Balancing adjustments
40-285.......................Balancing adjustments
40-290.........Reduction of deductions under former Act etc.
40-295...........................Later year relief
40-340..................................Roll-overs
40-345Balancing adjustments for depreciating assets that retain CGT indexation
Subdivision 40-E--Low-value and software development pools
40-420..................................Low-value pools under Division 42 continue
40-425...............Allocating depreciating assets to low-value pools
40-450....................Software development pools
Subdivision 40-F--Primary production depreciating assets
40-515......Water facilities, grapevines and horticultural plants
40-520.......Special rule for water facilities you no longer hold
40-525..............Amounts deducted for water facilities
Subdivision 40-G--Capital expenditure of primary producers and other landholders
40-645..............Electricity supply and telephone lines
40-650..........Special rule for land that you no longer hold
40-670...........................Farm consultants
Subdivision 40-I--Capital expenditure that is deductible over time
40-825........................Genuine prospectors
Schedule 2--General consequential amendments
Airports (Transitional) Act 1996
49B Special rules for fixtures that are depreciating assets--Income Tax Assessment Act 1997
50B Acquisition of depreciating asset from the Commonwealth--Division 40 of the Income Tax Assessment Act 1997
51B Acquisition of depreciating asset from the FAC--Division 40 of the Income Tax Assessment Act 1997
A New Tax System (Goods and Services Tax) Act 1999
A New Tax System (Luxury Car Tax) Act 1999
Bounty and Capitalisation Grants (Textile Yarns) Act 1981
Bounty (Machine Tools and Robots) Act 1985
Income Tax Assessment Act 1936
Subdivision 57-N--Division not applicable in respect of certain plant
57-130......Plant or depreciating assets covered by Subdivision 58-B of the Income Tax Assessment Act 1997
Income Tax Assessment Act 1997
15-40....Providing mining, quarrying or prospecting information
17-35..Certain sections not to apply to certain assets or expenditure
Subdivision 27-A--General
27-35..Certain sections not to apply to certain assets or expenditure
Subdivision 27-B--Division 40
27-80Cost or opening adjustable value of depreciating assets reduced for input tax credits
27-85Cost or opening adjustable value of depreciating assets reduced: decreasing adjustments
27-87.Certain decreasing adjustments included in assessable income
27-90Cost or opening adjustable value of depreciating assets increased: increasing adjustments
27-92.........Certain increasing adjustments can be deducted
27-95....................Balancing adjustment events
27-100................................Pooling
27-105............................Other Division 40 expenditure
27-110........Input tax credit etc. relating to 2 or more things
28-30..........................Capital allowances
28-55..........................Capital allowances
43-45..............................Certain anti-avoidance provisions
43-72..............................Meaning of forestry road, timber operation and timber mill building
45-40..............................Meaning of plant and written down value
Division 58--Capital allowances for depreciating assets previously owned by an exempt entity
Guide to Division 58
58-1......................What this Division is about
Subdivision 58-A--Application
58-5........................Application of Division
58-10When an asset is acquired in connection with the acquisition of a business
Subdivision 58-B--Calculating decline in value of privatised assets under Division 40
58-60................Purpose of rules in this Subdivision
58-65......Choice of method to work out cost of privatised asset
58-70.......................Application of Division 40
58-75..............................Meaning of notional written down value
58-80..............................Meaning of undeducted pre-existing audited book value
58-85....................................Pre-existing audited book value of depreciating asset
58-90.....................Method for transition entity
104-235Balancing adjustment events for depreciating assets: CGT event K7
104-240Working out capital gain or loss for CGT event K7: general case
104-245Working out capital gain or loss for CGT event K7: pooled assets
108-60 Depreciating asset that is part of a building is a separate asset
118-24.........................Depreciating assets
Subdivision 124-K--Depreciating assets
124-655.................................Roll-over for depreciating assets
Subdivision 138-B--Value shifts involving depreciating asset that is plant: reductions of direct interests
138-370Condition for applying this Division to depreciating asset group
900-120........Written evidence of depreciating asset expense
Veterans' Entitlements Act 1986
Schedule 3--Taxation Laws Amendment Act (No. 1) 2001
Taxation Laws Amendment Act (No. 1) 2001