A New Tax System (Tax Administration) Act (No. 2) 2000 (91 of 2000)

Schedule 4A   Income tax deductions for GST-related expenditure

Income Tax Assessment Act 1997

13   At the end of subsection 42-168(1)

Add:

; and (e) before 1 July 2001, you become the owner or *quasi-owner of the *plant and use it, or have it *installed ready for use, for the *purpose of producing assessable income.

If you have already deducted the cost but you fail to comply with paragraph (e), your assessment may be amended to disallow the deduction.