Taxation Laws Amendment Act 1993 (17 of 1993)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 6   Amendments to modify a taxpayer's ability to nominate a lower annual depreciation percentage for a particular unit of property

24   Application

 

(1) The amendments made by this Division apply in relation to a unit of property in respect of which depreciation is first allowable to a taxpayer for:
            

(a) the year of income in which 16 December 1992 occurred; or
            

(b) a later year of income.
            

      

(2) If:
            

(a) depreciation is allowable to a taxpayer in respect of a particular unit of property for a year of income ("nomination year of income") earlier than the year of income in which 16 December 1992 occurred; and
            

(b) the taxpayer nominates, or has nominated, in accordance with subsection 55(8) of the Principal Act, an annual depreciation percentage for the property in relation to the nomination year of income; then:
            

(c) subsections 55(8) and (8A) of the Principal Act as amended by this Act; and
            

(d) subsection (1) of this section;
            

have effect for the purposes of determining the depreciation allowable to the taxpayer in respect of the property as if the year of income in which 16 December 1992 occurred were the year of income for which depreciation was first allowable to the taxpayer in relation to the property.