Tax Laws Amendment (2007 Measures No. 2) Act 2007 (78 of 2007)

Schedule 1   Effective life provisions

Income Tax Assessment Act 1997

4   Subsection 40-105(4)

Repeal the subsection, substitute:

(4) This section does not apply to the following intangible *depreciating assets:

(a) assets to which an item in the table in subsection 40-95(7) applies;

(b) *mining, quarrying or prospecting rights.