Tax Laws Amendment (2006 Measures No. 1) Act 2006 (32 of 2006)

Schedule 2   Business related costs

Part 1   Capital allowances amendments

Income Tax Assessment Act 1997

20   At the end of section 40-180

Add:

(3) The first element of *cost includes an amount you paid or are taken to have paid in relation to starting to *hold the *depreciating asset if that amount is directly connected with holding the asset.

(4) The first element of *cost of a *depreciating asset does not include an amount that forms part of the second element of cost of another depreciating asset.