Taxation Laws Amendment Act (No. 3) 1992 (98 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 11   Amendments relating to development allowance

64   Deduction for new plant installed after 26 February 1992

Section 82AB of the Principal Act is amended:

(a) by omitting subsections (1) to (5B) (inclusive) and substituting the following subsection:
              

"(1) Subject to this Subdivision, if:

(a) after 26 February 1992, a taxpayer incurs expenditure of a capital nature in respect of the acquisition or construction by the taxpayer of a new unit of eligible property to which this Subdivision applies; and

(b) the expenditure has pre-qualified under the Development Allowance Authority Act 1992; and

(c) the expenditure was incurred:

(i) in respect of a unit of property acquired by the taxpayer under a contract entered into after 26 February 1992; or

(ii) in respect of a unit of property that was constructed by the taxpayer where the construction commenced after 26 February 1992; and

(d) the unit of property was first used or installed ready for use before 1 July 2002;

a deduction equal to 10% of the expenditure is allowable to the taxpayer for the first year of income during which that unit was either used for the purpose of producing assessable income or installed ready for use for that purpose.";

(b) by omitting from subsection (6) "the foregoing provisions of this section" and substituting "subsection (1)";
              

(c) by omitting from subsection (6) "or (2)(d)";
              

(d) by omitting subsections (6A) and (6B);
              

(e) by omitting from paragraph (7)(d) and subsection (8) "1 January 1976" and substituting "27 February 1992";
              

(f) by omitting subsections (9) and (10).