Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006 (55 of 2006)

Schedule 5   Improved depreciation arrangements

Part 2   Consequential amendments

Income Tax Assessment Act 1997

7   Subsection 40-25(1) (note 1)

Repeal the note, substitute:

Note 1: Sections 40-70, 40-72 and 40-75 show you how to work out the decline for most depreciating assets. There is a limit on the decline: see subsections 40-70(3), 40-72(3) and 40-75(7).