INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10AAA - Transport of minerals and quarry materials  

Subdivision C - General provisions  

SECTION 123E   DEDUCTIONS NOT ALLOWABLE UNDER OTHER PROVISIONS  

123E(1)   [Deductions allowable only under Div 10AAA]  

Where the whole or a part of expenditure of a capital nature incurred by a taxpayer has been allowed or is allowable as a deduction under this Division, that expenditure shall not be an allowable deduction, and shall not be taken into account in ascertaining the amount of an allowable deduction, from the assessable income of the taxpayer of any year of income under any provision of this Act other than a provision of this Division.

123E(2)   [Depreciation]  

Subsection (1) does not prevent a deduction for depreciation being allowed to a taxpayer in respect of a unit of property the use of which primarily and principally for a purpose referred to in section 123A or 123BD has been terminated and, where such a unit of property is used by the taxpayer in any other way, then, for the purposes of sections 56 and 62 -

(a) the unit shall be deemed to have been acquired by the taxpayer at a cost equal to the amount that, in the opinion of the Commissioner, was the value of the unit at the date on which it commenced to be used in that other way; and

(b) no part of the cost of the unit shall be taken to have been allowed or to be allowable under this Division as a deduction from the assessable income of the taxpayer of any year of income.