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-I - Capital expenditure that is deductible over time  

SECTION 40-832   40-832   New method not to apply in some cases  


If:


(a) on or after 10 May 2006 you abandon, sell or otherwise dispose of a project; and


(b) you have deducted or can deduct amounts for project amounts in relation to that project; and


(c) on or after that day, you start to operate that project again; and


(d) it is reasonable to conclude that you did this for the main purpose of ensuring that deductions for project amounts in relation to that project would be worked out under section 40-832 of that Act;

the Income Tax Assessment Act 1997 applies to you as if the project had started to operate before 10 May 2006.




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