Income Tax (Transitional Provisions) Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-BB - Temporary full expensing of depreciating assets  

SECTION 40-167   Exclusions - entities covered by section 40-157  

40-167(1)    
For the purposes of subsections 40-160(2) and 40-170(1A) , an exclusion applies to you and an asset for an income year if any of the exclusions in this section applies in relation to the asset.

Exclusion - intangible assets

40-167(2)    
This exclusion applies in relation to the asset if the asset is an intangible asset.

Exclusion - assets previously held by associates

40-167(3)    
This exclusion applies in relation to the asset if it had been previously held by an associate of yours.

Exclusion - assets available for use by associates or foreign residents

40-167(4)    
This exclusion applies in relation to the asset if the asset is available for use, at any time in the income year, by any of the following:

(a)    an associate of yours;

(b)    an entity that is a foreign resident.