INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-A - Objects of Division  

SECTION 40-15   40-15   Objects of Division  


The objects of this Division are:


(a) to allow you to deduct the *cost of a *depreciating asset; and


(b) to spread the deduction over a period that reflects the time for which the asset can be used to obtain benefits; and


(c) to provide deductions for certain other capital expenditure that is not otherwise deductible.

Note 1:

This Division does not apply to some depreciating assets: see section 40-45 .

Note 2:

The application of this Division to a life insurance company is affected by sections 320-200 and 320-255 .


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