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

75   Deduction under Subdivision to be in addition to certain other deductions

Section 82AM of the Principal Act is amended:

(a) by omitting from subsection (1) "subsection (2)" and substituting "subsections (2), (3) and (4)";
              

(b) by inserting in subsection (2) "73B, 75B," after "70A,";
              

(c) by adding at the end the following subsections:
              

"(3) A deduction under this Subdivision is not allowable for expenditure in relation to a unit of property if:

(a) a deduction is allowable for depreciation in relation to the property; and

(b) assuming that paragraph 55(2)(b) and subsection 55(8) had not been enacted, the annual depreciation percentage fixed under section 55 is 100%.

"(4) A deduction under this Subdivision is not allowable for expenditure in relation to a unit of property if a deduction is allowable in accordance with section 57AM in respect of the property (section 57AM deals with special depreciation on trading ships).".