New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)
Schedule 2 General consequential amendments
Income Tax Assessment Act 1936
104 Subsection 245-140(1) of Schedule 2C (table of deductible expenditure)
Repeal the table, substitute:
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Table of deductible expenditure |
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|---|---|---|
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Column 1 |
Column 2 |
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|
Item |
General description of expenditure |
Provision under which a deduction is allowable in respect of the expenditure |
|
1 |
Cost of plant or articles used (or installed ready for use) to produce assessable income |
Subsections 54(1), 56(1), 57AK(4) and 57AM(5), (7), (9), (10) and (11) of this Act or the former Division 42 of the Income Tax Assessment Act 1997 |
|
2 |
Expenditure deductible under Division 40 (capital allowances) of the Income Tax Assessment Act 1997 |
Division 40 of that Act |
|
3 |
Expenditure on software, pooled |
The former Subdivision 46-D of the Income Tax Assessment Act 1997 |
|
4 |
Expenditure incurred in borrowing money to produce assessable income |
Section 25-25 of the Income Tax Assessment Act 1997 |
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5 |
Expenditure on a telephone line on land on which a business of primary production is carried on |
The former Subdivision 387-F of the Income Tax Assessment Act 1997 |
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6 |
Expenditure in connecting or upgrading mains electricity facilities on land used or intended for use in producing assessable income |
The former Subdivision 387-E of the Income Tax Assessment Act 1997 |
|
7 |
Expenditure on scientific research |
Subsection 73A(2) |
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8 |
Expenditure on research and development activities |
Sections 73B, 73BA, 73BH and 73Y |
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9 |
Expenditure in connection with clearing and preparing land for primary production |
Subsection 75A(3) |
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10 |
Expenditure on establishing a grape vine |
The former Subdivision 387-D of the Income Tax Assessment Act 1997 |
|
11 |
Expenditure on plant or structural improvements for conserving or conveying water |
The former Subdivision 387-B of the Income Tax Assessment Act 1997 |
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12 |
Expenditure on certain kinds of plant and equipment for use in very large development projects |
Subsections 82AB(1) and 82AT(1) |
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13 |
Expenditure on environmental impact assessment |
item 1, 2 or 3 of the table in the former subsection 400-15(3) of the Income Tax Assessment Act 1997 |
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14 |
Advance revenue expenditure |
Subdivision H of Division 3 of Part III |
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15 |
Expenditure incurred in relation to mining or quarrying operations |
The former Subdivision 330-C of the Income Tax Assessment Act 1997 |
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16 |
Expenditure incurred on exploration or prospecting for minerals or quarry materials |
The former Subdivision 330-A of the Income Tax Assessment Act 1997 |
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17 |
Expenditure incurred in transporting minerals or quarry materials |
The former Subdivision 330-H of the Income Tax Assessment Act 1997 |
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18 |
Expenditure on forestry roads to an area of timber operations |
The former Subdivision 387-G of the Income Tax Assessment Act 1997 |
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19 |
Expenditure on timber buildings used for timber milling business, if the buildings are in a forest or adjacent to a timber milling or timber felling area |
The former Subdivision 387-G of the Income Tax Assessment Act 1997 |
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20 |
Expenditure on acquiring a unit of industrial property to produce assessable income |
Subsection 124M(1) |
|
21 |
Expenditure on acquiring an item of intellectual property to produce assessable income |
The former Subdivision 373-B of the Income Tax Assessment Act 1997 |
|
22 |
Expenditure on Australian films |
Section 124ZAF |
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23 |
Expenditure on assessable income producing buildings and other capital works |
Section 43-10 of the Income Tax Assessment Act 1997 |
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24 |
Expenditure incurred in establishing horticultural plants |
The former Subdivision 387-C |
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25 |
Expenditure incurred in obtaining a spectrum licence to produce assessable income |
The former Division 380 of the Income Tax Assessment Act 1997 |