Taxation Laws Amendment Act (No. 1) 1999 (16 of 1999)

Schedule 7   Deductible expenditure and CGT cost bases

Part 1   Amendment of the Income Tax Assessment Act 1936

8   Application

(1) The amendments made by this Part apply to assets acquired after 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997.

(2) However, the amendments made by this Part do not apply to expenditure incurred before 1 July 1999 in respect of an asset (the deemed asset ) where:

(a) the deemed asset is taken to be a separate asset from another asset (the underlying asset ) for the purposes of Part IIIA of the Income Tax Assessment Act 1936 under section 160P of that Act; and

(b) the underlying asset is land or a building that was acquired by the taxpayer at or before 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997; and

(c) the deemed asset is acquired by the taxpayer after 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997 but before 1 July 1999.

(3) Subparagraphs 160ZJA(1)(d)(i) to (iii) and (3)(d)(i) to (iii) and 160ZJB(1)(d)(i) to (iii) and (3)(d)(i) to (iii) of the Income Tax Assessment Act 1936 (which relate to eligible heritage conservation expenditure and landcare and water facility expenditure) do not apply to expenditure incurred before the day on which the Bill that became the Taxation Laws Amendment Act (No. 1) 1999 was introduced into the House of Representatives.

(4) For the purposes of a taxpayer's assessment for the year of income in which 13 May 1997 occurred, a reference in the amendments made by this Schedule to a deduction does not include a reference to a deduction to the extent that it could reasonably be regarded as arising, or relating to a period, before 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997.