INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-45
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RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 387
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Capital allowances for primary producers and some land-holders
Subdivision 387-G
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Forestry roads and timber mill buildings
SECTION 387-472 (ARCHIVE)
Treatment of deductions for income years before 1997-98
387-472(1)
If you deducted, or can deduct, an amount for an income year (the old law year ) before the 1997-98 income year under section 124F or 124JA of the Income Tax Assessment Act 1936 for your expenditure on an access road or a timber mill building:
(a) you are taken to have deducted that amount for the old law year under Subdivision 387-G of the Income Tax Assessment Act 1997 (which allows deductions for the 1997-98 income year and later income years for expenditure on forestry roads and timber mill buildings), as if that Subdivision had applied to assessments for the old law year; and
(b) the amount is taken not to have been deducted or be deductible under section 124F or 124JA of the Income Tax Assessment Act 1936 .
387-472(2)
This section applies only for the purposes of Subdivision 387-G of the Income Tax Assessment Act 1997 . It does not affect a deduction, or an entitlement to a deduction, under section 124F or 124JA of the Income Tax Assessment Act 1936 for an income year before the 1997-98 income year for the purposes of that Act.
If you deducted, or can deduct, an amount for an income year (the old law year ) before the 1997-98 income year under section 124F or 124JA of the Income Tax Assessment Act 1936 for your expenditure on an access road or a timber mill building:
(a) you are taken to have deducted that amount for the old law year under Subdivision 387-G of the Income Tax Assessment Act 1997 (which allows deductions for the 1997-98 income year and later income years for expenditure on forestry roads and timber mill buildings), as if that Subdivision had applied to assessments for the old law year; and
(b) the amount is taken not to have been deducted or be deductible under section 124F or 124JA of the Income Tax Assessment Act 1936 .
387-472(2)
This section applies only for the purposes of Subdivision 387-G of the Income Tax Assessment Act 1997 . It does not affect a deduction, or an entitlement to a deduction, under section 124F or 124JA of the Income Tax Assessment Act 1936 for an income year before the 1997-98 income year for the purposes of that Act.
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