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

Schedule 2   General consequential amendments

Income Tax Assessment Act 1936

86   Paragraph 159GJ(3)(c)

Repeal the paragraph, substitute:

(c) for the purposes of the application of:

(i) Division 10AAA of this Part; or

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

(iii) the former Subdivision 330-H 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 10AAA property for any year of income after the year of income in which this Division ceases to apply - it shall be taken to be a requirement of those provisions that the deduction allowable under any of those provisions in respect of the amount of expenditure does not exceed the residual amount in relation to the amount of expenditure as ascertained in accordance with paragraph (b).