New Business Tax System (Capital Allowances) Act 2001 (76 of 2001)

Schedule 2   Effective life and low-cost plant

Income Tax Assessment Act 1997

1   At the end of section 42-100

Add:

(3) Your choice of an *effective life specified by the Commissioner for *plant is limited to one in force as at:

(a) the time when you entered into a contract to acquire the plant, you otherwise acquired it or you started to construct it if you first used it, or had it *installed ready for use, for any purpose within 5 years of that time; or

(b) for plant that you entered into a contract to acquire, you otherwise acquired or you started to construct before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999 - the time when you entered into the contract to acquire it, otherwise acquired it or started to construct it; or

(c) otherwise - when you first used it, or had it installed ready for use, for any purpose.