New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)

Schedule 2   General consequential amendments

Income Tax Assessment Act 1936

84   Paragraph 159GJ(2)(c)

Repeal the paragraph, substitute:

(c) for the purposes of the application of:

(i) Division 10, 10AA or 10A of this Part; or

(ii) section 40-830 of the Income Tax Assessment Act 1997 for a project amount that is mining capital expenditure within the meaning of that Act; or

(iii) Subdivision 40-B of that Act for a depreciating asset that is a forestry road or timber mill building; or

(iv) the former Subdivision 330-C or 387-G of that Act;

in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10, 10AA or 10A property at any time after the application period, there shall be taken to have been allowed in respect of the amount of expenditure a deduction under whichever of those provisions applies in respect of the amount of expenditure of an amount equal to the total notional principal in relation to the amount of expenditure in relation to the application period.