New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)

Schedule 2   General consequential amendments

Income Tax Assessment Act 1936

68   Subsection 159GE(1) (paragraph (a) of the definition of eligible amount )

Repeal the paragraph, substitute:

(a) where the item is an item of eligible depreciation property:

(i) the amount that was the cost of the item of property to the taxpayer who owns the item for the purposes of subsection 62(1) of this Act; or

(ii) the amount that was the cost of the item of property within the meaning of Division 40, or the former Division 42, of the Income Tax Assessment Act 1997 to the taxpayer who holds it;

or that would have been the cost of the item of property to the taxpayer for the purposes of that subsection or that Division if that subsection or that Division had applied in relation to the item of property, as the case requires; and