Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 (101 of 2006)

Schedule 2   Consequential amendments relating to Schedule 1 repeals etc.

Part 1   Amendments: general

Income Tax Assessment Act 1936

388   Paragraph 159GM(b)

Repeal the paragraph, substitute:

(b) the expenditure by reason of which the item of property is eligible capital expenditure property is the amount that:

(i) was the cost of the item of property to the taxpayer who incurred the expenditure for the purpose of the former Subdivision 42-B, or Subdivision 40-C, of the Income Tax Assessment Act 1997; or

(ii) would have been the cost to the taxpayer for the purpose of that Subdivision if it applied in relation to the item of property;