Income Tax Assessment Act 1936

SCHEDULE 2D - TAX EXEMPT ENTITIES THAT BECOME TAXABLE  

Division 57 - Tax exempt entities that become taxable  

Subdivision 57-N - Division not applicable in respect of certain plant  

SECTION 57-130   PLANT OR DEPRECIATING ASSETS COVERED BY SUBDIVISION 58-B OF THE INCOME TAX ASSESSMENT ACT 1997  

57-130(1)    

Subdivision 57-J , and Subdivision 57-K in so far as it applies to balancing adjustments for plant or depreciating assets, do not apply in respect of an asset to which Subdivision 58-B of the Income Tax Assessment Act 1997 applies.

57-130(2)    

Despite subsection (1), Subdivision 57-J applies for the purposes of section 40-35 of the Income Tax (Transitional Provisions) Act 1997 to capital expenditure incurred by a transition taxpayer before 1 July 2001 that relates to property that is not a depreciating asset.