Income Tax Assessment Act 1997
The objects of this Division are:
(a) to allow you to deduct the *cost of a *depreciating asset; and
(b) to spread the deduction over a period that reflects the time for which the asset can be used to obtain benefits; and
(c) to provide deductions for certain other capital expenditure that is not otherwise deductible.
Note 1:
This Division does not apply to some depreciating assets: see section 40-45 .
Note 2:
The application of this Division to a life insurance company is affected by sections 320-200 and 320-255 .
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