New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)

Schedule 2   General consequential amendments

Income Tax Assessment Act 1997

315   Paragraphs 165-55(2)(a), (b) and (c)

Repeal the paragraphs, substitute:

(a) deductions for the decline in value of a *depreciating asset;

See Division 40.

(b) deductions for *exploration or prospecting, or *mining capital expenditure, in connection with mining or quarrying;

See section 40-80 and Subdivisions 40-H and 40-I.

(c) deductions for expenditure, deductions for which are spread over 2 or more income years, but not:

(i) deductions for exploration or prospecting, or capital expenditure, in connection with mining or quarrying; or

See Subdivision 40-I.

(ii) *full year deductions (see subsection (5));