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  

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History

Div 40 substituted for Divs 40, 41 and 42 by No 76 of 2001.

Subdivision 40-B - Core provisions  

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History

Subdiv 40-B substituted by No 76 of 2001.

Operative provisions

SECTION 40-50   Assets for which you deduct under another Subdivision  

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40-50(1)    

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You cannot deduct an amount, or work out a decline in value, for a ^* depreciating asset under this Subdivision if you or another taxpayer has deducted or can deduct amounts for it under Subdivision 40-F (about primary production depreciating assets), 40-G (about capital expenditure of primary producers and other landholders) or 40-J (about capital expenditure for the establishment of trees in carbon sink forests).

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S 40-50(1) amended by No 38 of 2008 , s 3 and Sch 8 item 4, by substituting " , 40-G (about capital expenditure of primary producers and other landholders) or 40-J (about capital expenditure for the establishment of trees in carbon sink forests) " for " or 40-G (about capital expenditure of primary producers and other landholders) " .

S 40-50(1) amended by No 119 of 2002.

40-50(2)    

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You cannot deduct an amount, or work out a decline in value, for ^* in-house software under this Subdivision if you have allocated expenditure on the software to a software development pool under Subdivision 40-E .

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History

S 40-50(2) amended by No 119 of 2002.

S 40-50 inserted by No 76 of 2001.

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